The Developing Relationship Between the State Pension Scheme and Occupational Pension Schemes

1977 ◽  
Vol 11 (3) ◽  
pp. 216-225
Author(s):  
J. A. Atkinson
Keyword(s):  
The State ◽  
Pension Scheme ◽  
Occupational Pension ◽  
Pension Schemes ◽  
State Pension

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.

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.

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.

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.

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.

Pensions and Providence: Dutch Employers and the Creation of Funded Pension Schemes

2009 ◽  
Vol 10 (2) ◽  
pp. 265-303
Author(s):  
Erik Nijhof
Keyword(s):  
Old Age ◽  
Legal Framework ◽  
International Perspective ◽  
The State ◽  
Pension Scheme ◽  
Pension Schemes ◽  
Role Of The State ◽  
Private And Public ◽  
Corporate Pension ◽  
Demographic Shifts

From an international perspective, the Dutch system of old age provisions stands out for its wide coverage, fixed benefits, and an overall actuarial soundness that seem to make this system more shock proof to demographic shifts and economic adversities than those in other “Western” countries. Its actual foundation is a compulsory old age insurance for all citizens, enforced by law and implemented by the state; this insurance is supplemented by fully funded pension schemes for workers and employees, operating under legal control; and finally there is a variety of additional and noncompulsory pension benefits and individual insurance arrangements. The main impetus to the genesis of this system came from employers who, with different agendas, created various pension funds; eventually it was the state, which set a decisive example with a funded pension fund for its civil servants. This became the standard to all corporate pension schemes and provoked innovations like branch funds. These initiatives were supported and regulated by legislation that made these arrangements compulsory and guaranteed their juridical independence and actuarial soundness. Only after this legally promoted maturation of private funds, the state set out to create public arrangements on a “pay-as-you-go” basis for all citizens. This delicate interplay between private and public pension arrangements is highly characteristic of the Dutch variety of capitalism in a broader context. In the polarity between liberal and coordinated market economies, as developed by Soskice and Hall, the Dutch system of old age provisions has played a prominent role in ranking this country more firmly into the latter category. However, within this range of countries the Dutch system of old age provisions is also a bit atypical: private corporate and branch arrangements were encouraged and at the same time embedded in a legal framework. The role of the state was also remarkable: a supervisor of the private funds, a collector and distributor in a universal insurance system, and an employer with an exemplary pension scheme.

The State, Pensions and the Philosophy of Welfare

1985 ◽  
Vol 14 (4) ◽  
pp. 467-490 ◽  
Author(s):  
Norman P. Barry
Keyword(s):  
Social Justice ◽  
Social Security ◽  
The State ◽  
Future Generations ◽  
Pension Scheme ◽  
Pension Systems ◽  
The Us ◽  
Welfare Systems ◽  
State Welfare ◽  
State Pension

ABSTRACTThis is a study of the prevailing state pension systems in Britain and the US in the context of a philosophy of welfare that has developed over the last decade. In this philosophy state welfare systems are justified in terms of their maximizing liberty and autonomy rather than merely social justice. It is argued that the state earnings-related pension scheme in Britain and social security in the US, because they are ‘unfunded’ and paid for out of current taxation, are not merely inefficient but also reduce the independence of individuals and impose high burdens on future generations. It is argued that no philosophical justification can be given for this imposition. The major theoretical flaw in state-managed pension arrangements, it is claimed, is the confusion of the welfare principle with the insurance principle.

Social Security and Occupational Pension Schemes

1968 ◽  
Vol 94 (2) ◽  
pp. 173-253
Author(s):  
C. S. S. Lyon
Keyword(s):  
United Kingdom ◽  
Social Security ◽  
Pension Scheme ◽  
Original Form ◽  
Occupational Pension ◽  
Social Security Systems ◽  
Flat Rate ◽  
The United Kingdom ◽  
Pension Schemes ◽  
National Insurance

Since the idea of a wage-related national pension scheme was first launched in tangible form by the publication in 1957 of the Labour Party's ‘National Superannuation’ plan there has been a state of uneasy coexistence between national and occupational pension schemes in the United Kingdom. Social security systems providing not merely basic flat-rate benefits, but also benefits related to earnings, had been in existence for some years in other European countries, but it was not until the National Insurance Act, 1959 took effect in April 1961 that a national graduated pension scheme became a reality in the United Kingdom. Established at a modest level and designed primarily as a means of raising revenue to meet the rising outgo on flat-rate benefits, this graduated scheme has never seemed likely to endure in its original form. Nevertheless the National Insurance Act, 1966 has grafted on to it a scheme to provide short-term graduated sickness, unemployment and widows' benefits.

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