The Effect of Demographic Factors and Indexation on the Long term Financing of the State Earnings-Related Pension Scheme.

1987 ◽  
Vol 30 ◽  
pp. 181-198
Author(s):  
C. D. Daykin ◽  
A. G. Young
Keyword(s):  
Social Services ◽  
White Paper ◽  
The State ◽  
Pension Scheme ◽  
Occupational Pension ◽  
Pension Schemes ◽  
The Social ◽  
Change State ◽  
State Pension

In September 1974 Barbara Castle published her proposals for a new earnings-related State pension scheme in her White Paper “Better Pensions”. This followed a succession of attempts by previous Secretaries of State for Social Services to change State pension arrangements radically. Unlike the ill-fated Crossman and Joseph schemes, however, the Castle scheme succeeded both in reaching the statute book and in coming into operation. A Bill was introduced in February 1975 and on 7 August 1975 the Social Security Pensions Act 1975 received the Royal Assent. The State earnings-related pension scheme (SERPS) came into operation on 6 April 1978. It provided State pensions related to earnings, but also offered to employers with good occupational pension schemes the possibility of ‘contracting-out’ and providing equivalent or better earnings-related benefits through their own scheme.

Objectives and methods of funding defined benefit pension schemes

1987 ◽  
Vol 114 (2) ◽  
pp. 155-225 ◽  
Author(s):  
D. J. D. McLeish ◽  
C. M. Stewart
Keyword(s):  
The State ◽  
Pension Scheme ◽  
Occupational Pension ◽  
Defined Benefit ◽  
Pension Schemes ◽  
The Future ◽  
State Pension

The Objective of Funding1.1. As every actuarial student is taught:‘Pay-as-you-go is acceptable for a State pension scheme because the State is, for practical purposes, assured of a continuing existence.’However:‘The position is quite different in the case of an occupational scheme, since an employer's business may cease to exist.’1.2. It seems to us to follow, therefore, that the prime purpose of funding an occupational pension scheme must be to secure the accrued benefits, whatever they might be, in the event of the employer being unable or unwilling to continue to pay at some time in the future. To that end, the contributions would have to be sufficient both to pay the benefits as they fell due for as long as the scheme continued, and also to establish and maintain a fund which would be sufficient to secure the accrued benefits in the event of contributions ceasing and the scheme being discontinued, whenever that might occur.

Reflections on the Roles of State and Occupational Pension Schemes in the United Kingdom

1973 ◽  
Vol 34 ◽  
pp. 533-594
Author(s):  
A. J. Low ◽  
P. E. Felton
Keyword(s):  
United Kingdom ◽  
White Paper ◽  
The State ◽  
Occupational Pension ◽  
The United Kingdom ◽  
Pension Schemes ◽  
State Pension ◽  
The Cost

SynopsisThe paper considers the role which the State should play in the provision of pensions to the retired population. The role of occupational schemes is also considered with particular reference to the restrictions placed on that role by the authorities through the requirements for approval for tax purposes and the cost and level of State pensions. The main features of various State pension schemes which have been proposed in successive White Papers are discussed together with their shortcomings and advantages. The White Paper “Better Pensions” and its implications for the pensions industry are then considered in greater detail.

Social administration digest

1979 ◽  
Vol 8 (1) ◽  
pp. 83-106
Author(s):  
Kathleen M. Slack
Keyword(s):  
Social Services ◽  
Trade Unions ◽  
Later Life ◽  
The Elderly ◽  
White Paper ◽  
Pension Scheme ◽  
Property Market ◽  
The Difference ◽  
The Times ◽  
State Pension

News about social security and income maintenance opened with a special insertion on pensions in The Times of 11 May. This consisted of articles on various aspects of the new earnings-related pension scheme which came into force on 6 April. The accounts included funded schemes; private pension schemes; employers' and employees' participation; age flexibility in retirement; insurance funds; the property market and investment; the problem of size; the position of widows; trade unions and pensions; the exclusion of the self-employed and the position after the 1980s. The opening article said that the important achievement of getting the scheme into operation was diminished by the sheer weight of ignorance about it – ‘All the evidence to date indicates that the vast majority of people cannot or will not understand the new State pension scheme.’ This may be regrettable but it is not surprising in view of the scheme's complexity. How far the govermnent's efforts to overcome widespread ignorance will be successful remains to be seen (28 – 7/4 – 1.7). women was raised once again in a discussion document on the role of the elderly in society published on 27 June, A Happier Old Age. The numbers and circumstances of elderly people and public expenditure on services to help them were presented in the document which was concerned not only with pensions but with family life, recreation, mobility and other aspects of later life. Comments were invited by the Secretary of State for the Social Services by the end of October. The publication of a White Paper on the elderly in 1979 was foreshadowed. The problems of retirement age and the difference between men and women were presented and discussed in August 1976 (22 – 6/z – 1.8) and in February 1977 (24 – 6/4 – 1.10).

Objectives and Methods of Funding Defined Benefit Pension Schemes

1985 ◽  
Vol 40 ◽  
pp. 338-424 ◽  
Author(s):  
D. J. D. McLeish ◽  
C. M. Stewart
Keyword(s):  
The State ◽  
Pension Scheme ◽  
Defined Benefit ◽  
Pension Schemes ◽  
State Pension

1.1. As every actuarial student is taught:“Pay-as-you-go is acceptable for a State pension scheme because the State is, for practical purposes, assured of a continuing existence”.However:“The position is quite different in the case of an occupational scheme, since an employer's business may cease to exist”.

A Dissection of Pensions Funding

1990 ◽  
Vol 32 ◽  
pp. 71-115 ◽  
Author(s):  
W. S. O'Regan ◽  
J. Weeder
Keyword(s):  
Working Party ◽  
Basic Structure ◽  
The State ◽  
Pension Scheme ◽  
Occupational Pension ◽  
Pension Schemes ◽  
Great Debate ◽  
Actuarial Methods ◽  
Legislative Activity ◽  
Terminology Report

This paper is about actuarial methods of funding pension schemes and follows on from the report of the Working Party of the Pensions Standards Joint Committee on Terminology of Pension Funding Methods (The Terminology Report) published in 1984. It looks at the basic structure of the main methods and at how they behave. We then discuss the question of the suitability of the methods under various conditions. The reader may find it useful to have a copy of the Terminology Report to hand.The paper is written against a background of uncertainty, as regards the State Earnings-Related Pension Scheme, and of great debate and legislative activity as regards Occupational Pension Schemes. This activity and debate makes it more important than ever before that the actuarial profession explains its methods and approaches to those in the pensions industry who are not actuaries, but who nevertheless rely on actuarial advice.

Projections of the costs of occupational pensions

1983 ◽  
Vol 110 (01) ◽  
pp. 243-269 ◽  
Author(s):  
J. L. Field
Keyword(s):  
Pension Scheme ◽  
Insurance Fund ◽  
Occupational Pension ◽  
Occupational Pensions ◽  
Pension Schemes ◽  
National Insurance ◽  
The Government ◽  
Starting Date

1. In the three years since projections of occupational pension scheme membership and expenditure were made for the Wilson Committee more data about schemes has become available, such as that from the Government Actuary's survey of Occupational Pension Schemes 1979 (theG.A.'s Survey), so the occasion of the publication of the Government Actuary's National Insurance Fund Long Term Financial Estimate (theQuinquennial Reviewor Q.R.) has been taken to revise and extend the Wilson Committee projections, using the starting date and earnings and prices assumptions of the Q.R.

Social Choice Dilemma in Concluding Concession Agreements

2021 ◽  
Vol 144 (5) ◽  
pp. 16-27
Author(s):  
Vitaly V. Maximov ◽  
◽  
Keyword(s):  
Social Services ◽  
The State ◽  
Infrastructure Development ◽  
Social Infrastructure ◽  
Minimal Impact ◽  
Investment Projects ◽  
The Social ◽  
Capital Intensive ◽  
Privately Owned

Result of the government's many years of efforts to liberalize the market of social services is a huge number of organizations that are privately owned — 45,9%, but which have minimal impact on the infrastructure development. The reason is that private business alienates long-term and capital-intensive projects, and the overwhelming part of the social infrastructure (for sports facilities it constitutes 95.2%) remains in the state and municipal ownership. The state mistakenly classifies concession projects as investment projects that are paid back only through fee-based exploitation. Thus, social policy is being deprived of a promising mechanism — transformation of concession agreements into the basis for socialization of private investments, infrastructure and services. The identified problems of social disorientation in specifying criteria for evaluating the proposals of participants in concession tenders form the basis for asocial conditions of concession agreements, which makes social services inaccessible to the general population. Commercialization of the activities of social facilities is admissible (although in a limited sense), but at the same time, services at state tariffs or free of charge should prevail. There is a need for systematic scientific and methodological work on cross-cutting incorporation of this approach into the current regulatory framework and guidelines in order to create a network of basic social infrastructure for all segments of the population.

Social Security and Occupational Pension Schemes

1966 ◽  
Vol 30 ◽  
pp. 299-385
Author(s):  
C. S. S. Lyon
Keyword(s):  
Social Security ◽  
Pension Scheme ◽  
Occupational Pension ◽  
Future Developments ◽  
The United Kingdom ◽  
Pension Schemes ◽  
National Insurance ◽  
Public Scrutiny ◽  
The Government ◽  
State Pension

SynopsisSocial security in the United Kingdom is at a crossroads. Should it become more selective, and if so, what form should the selectivity take ? Should the traditional methods of finance be changed ? What is to be done about the pockets of poverty which still exist ?Occupational pension schemes, too, are coming increasingly under public scrutiny. Are they fulfilling their role adequately ? In what ways do they need to be improved ?The Government is expected to announce next year its proposals for a new State pension scheme. These seem likely to include a change in the financing of National Insurance benefits generally. They may contain features which could set the State scheme and occupational schemes on a collision course.The paper examines some of the issues involved and indicates lines along which future developments might take place. It concludes by describing a way in which State and occupational schemes could continue to work in partnership.

Generation Riester

2007 ◽  
Vol 51 (4) ◽  
pp. 249-266
Author(s):  
Nikolaus Hueck
Keyword(s):  
Pension Plan ◽  
German Society ◽  
The State ◽  
The Self ◽  
Demographic Structure ◽  
The Social ◽  
Self Interest ◽  
History Of ◽  
State Pension

Abstract The shift in the demographic structure of German society results in an ever smaller amount of workers having to support an ever increasing number of pensioners. For this reason, it is necessary to revisit the so-called »generational contract«. A review of the history of this generational contract, from the biblical commandment to respect your elders through the social laws under Bismarck on to Adenauer‘s reform of pensions shows that the flaw of the state pension plan resides in the fact that the generational contract only governs the relations between those who are gainfully employed and those which are retired, without sufficiently takink into account children and the contribution made by families raising them. In this regard, it is only possible to ensure the long-term viability of the generational contract by correctly understanding the self-interest of all parties rather than by issuing calls for solidarity

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