We are increasingly conscious that private pension schemes in the UK are primarily financial institutions. UK private pensions provision has always been highly financialized, but the individualization of provision means this dynamic matters more than ever to retirement incomes. Furthermore, individualization has occurred at a time when the UK economy’s capacity to support a long-term approach to capital investment, upon which pensions depend, has declined. The chapter argues that pensions provision essentially involves managing the failure of the future to resemble the present, or more specifically present forecasts of the future. As our ability to manipulate the value of the future has increased, our ability to tolerate forecast failure has declined. The chapter details how pension funds invest, and how this has changed, and provides an original understanding of several recent attempts to shape pensions investment, ultimately demonstrating the limitations of pensions policy in shaping how provision functions in practice.
“Fixing” Climate Change by Mortgaging the Future: Negative Emissions, Spatiotemporal Fixes, and the Political Economy of Delay
