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A comparative analysis of mandated private pension arrangements

Mark Hyde (School of Law and Social Science, University of Plymouth, Plymouth, UK)
John Dixon (School of Law and Social Science, University of Plymouth, Plymouth, UK)

International Journal of Social Economics

ISSN: 0306-8293

Article publication date: 11 January 2008

1081

Abstract

Purpose

According to one influential set of arguments, the privatization of public pensions has been informed by neoliberalism, and has thus been an integral element of a broader program of welfare retrenchment, which is inconsistent with social cohesion. The paper aims to take issue with this negative characterization of pensions privatization.

Design/methodology/approach

The argument is illustrated by a cross‐national comparative analysis of the principal design features of 32 mandated private pension arrangements.

Findings

The market orientation of mandated private pension arrangements is generally ambivalent. Whilst the architects of these arrangements have embraced market principles, they have also accepted the principle of collective responsibility for retirement futures.

Research limitations/implications

While design is an important indicator of the nature of pension schemes, it does not translate automatically into retirement outcomes.

Practical implications

Collective responsibility for retirement may be pursued through distinctive forms of privatization.

Originality/value

In contrast to the central argument of much of the literature, the privatization of public pensions has not universally or unambiguously been informed by the tenets of neoliberal political economy.

Keywords

Citation

Hyde, M. and Dixon, J. (2008), "A comparative analysis of mandated private pension arrangements", International Journal of Social Economics, Vol. 35 No. 1/2, pp. 49-62. https://doi.org/10.1108/03068290810843837

Publisher

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Emerald Group Publishing Limited

Copyright © 2008, Emerald Group Publishing Limited

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