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Book part
Publication date: 14 July 2006

Jamie Morgan

The purpose of this paper is to explain how the current “crisis” in the UK pension system arose. I argue that it is a result of a combination of changes in government policy and…

Abstract

The purpose of this paper is to explain how the current “crisis” in the UK pension system arose. I argue that it is a result of a combination of changes in government policy and basic instabilities always inherent in the financial system. Policy changes increased the vulnerability of the pension system to those instabilities. The background to these changes and also the frame of reference in terms of which the “crisis” itself is now phrased is broadly neoliberal. Its theoretical roots are in ideas of the efficiency of free markets. Its policy roots are expressed in a series of similar neoliberal policy tendencies in other capitalist states. I further argue that neoliberal solutions to the pension crisis simply offer more of the very matters that created the problems in the first place. Moreover, the very terms of debate, based in markets, financialisation of saving and individualisation of risk, disguise a more basic debate about providing a living retirement income for all. This is a debate that New Labour is simply not prepared to constructively engage with in any concrete fashion.

Details

The Hidden History of 9-11-2001
Type: Book
ISBN: 978-1-84950-408-9

Article
Publication date: 6 April 2023

Muhammad Wahab, Muhammad Aamir Khan, Muhammad Siddique and Fakhrul Hasan

This research designed, optimized and tested a context-specific scale to evaluate public sector employees' pension choices.

Abstract

Purpose

This research designed, optimized and tested a context-specific scale to evaluate public sector employees' pension choices.

Design/methodology/approach

The authors developed the scale using a comprehensive process of interviews and focus groups with experts across academia and finance. The authors used the refined scale to collect data from 564 faculty members in public sector universities following a multistage systematic cluster sampling technique. The findings revealed diversity in choice across different socio-economic and demographic variables.

Findings

The results revealed that items related to the defined benefit pension system explain most of the data variance and are preferred widely. This is followed by a preference for monetizing pension benefits and a defined contribution system. These findings indicated the need for flexible pension plans.

Practical implications

Therefore, the progressive movement towards monetization and the shift from defined benefit to a defined contribution pension system due to economic pressures must be accurately calculated and introduced where it is suitable.

Originality/value

Although the theory of introducing a defined contribution pension system and monetization system is appealing, its practical implementation may not be encouraging for all employees.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Book part
Publication date: 13 April 2023

Samet Hacilar, Ayhan Kapusuzoglu and Nildag Basak Ceylan

The main purpose of this study is to measure financial literacy of individual pension system customers in Ankara and to find out factors affecting financial literacy while…

Abstract

The main purpose of this study is to measure financial literacy of individual pension system customers in Ankara and to find out factors affecting financial literacy while acquiring additional information on financial decisions of individual pension system customers. The results show that the self-financial knowledge evaluation of individual pension system customers and their financial literacy are not compatible. Besides, the financial literacy levels of the customers who make their investment themselves and customers who leave investment decision to the individual pension system company are found not to be statistically significant although self-investors believe they have higher financial knowledge. In addition to this, the effects of financial literacy level in terms of renewable energy investments are also evaluated. Individuals with an increasing level of financial literacy may turn to renewable energy sources and investments because of their low-cost and high-return potential.

Book part
Publication date: 1 September 2004

Silke Uebelmesser

Abstract

Details

Unfunded Pension Systems: Ageing and Variance
Type: Book
ISBN: 978-0-44451-732-6

Book part
Publication date: 1 September 2004

Silke Uebelmesser

Abstract

Details

Unfunded Pension Systems: Ageing and Variance
Type: Book
ISBN: 978-0-44451-732-6

Abstract

Details

Unfunded Pension Systems: Ageing and Variance
Type: Book
ISBN: 978-0-44451-732-6

Abstract

Details

Unfunded Pension Systems: Ageing and Variance
Type: Book
ISBN: 978-0-44451-732-6

Article
Publication date: 27 June 2022

Niko Väänänen and Jyri Liukko

Increasing longevity and lower birth rates put pressure on the sustainability of pension systems. This compels countries to reform pension schemes. Different countries opt for…

Abstract

Purpose

Increasing longevity and lower birth rates put pressure on the sustainability of pension systems. This compels countries to reform pension schemes. Different countries opt for different types of reforms. This article examines the scope of possibilities for a pension reform in two countries with distinct institutional and ideational setup: Finland and France.

Design/methodology/approach

The authors utilise the framework of different modes of justification presented by Boltanski and Thévenot to reveal the reasoning used in pension reform discussions in both countries. The authors study expert reports to analyse how nationally constructed ideas and local institutions frame and shape the different logics and justifications.

Findings

In Finland, the approach to pensions is dominated by industrial and market justifications. The pension system is institutionally separated into two different blocks: one addressing poverty and the other income maintenance. The separation enables the prevalence of these logics and makes it easier to promote reforms that emphasize efficiency and individual responsibility instead of income distribution. The French report is concentrated around civic and domestic dominated justifications by stressing solidarity and the role of pension systems connecting individuals and generations together. Any reform needs to consider these issues.

Originality/value

The article uses a novel research design to study pension reform processes. The article distinguishes the roles that ideas and institutions have in shaping expert reasoning and reform options. The authors show how ideas and institutions form a mutually reinforcing loop which helps to explain path-dependency in pension systems.

Details

International Journal of Sociology and Social Policy, vol. 43 no. 5/6
Type: Research Article
ISSN: 0144-333X

Keywords

Article
Publication date: 18 August 2022

Remziye Gül Aslan

This study aims to examine how the governance structure of the private pension system of Turkey affects the extent of agency problems through a qualitative exploratory analysis of…

Abstract

Purpose

This study aims to examine how the governance structure of the private pension system of Turkey affects the extent of agency problems through a qualitative exploratory analysis of the pension sector employees’ perspectives.

Design/methodology/approach

This study is based on qualitative exploratory research, which includes semi-structured interviews with 13 pension sector employees to investigate their perspectives on agency problems within Turkey’s private pension system. Data from interviews are analyzed by using the thematic content analysis method.

Findings

This study shows us that agency problems are prevalent in Turkey's private pension system, especially in the relations between pension company employees and participants. This study highlights four vulnerabilities of governance structure: the incapacity of governance structure to prevent pension companies as institutional agents from risky operations and transactions, the ability of local capital groups to use their controlling power for effecting fund management operations, the incapacity of the governance structure to prevent the employment of agents with inadequate qualifications, the lack of proper legal and regulatory framework for ensuring sufficient information disclosure to participants during contract-making and fund selection processes.

Originality/value

Previous research on the agency problems in the private pension schemes mostly investigated the issue from the viewpoint of participants. Thus, exploring agency problems from the agents’ point of view will be a contribution to the literature while illuminating the underlying structural problems within the system.

Details

Qualitative Research in Financial Markets, vol. 15 no. 1
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 1 August 1997

Harvey Arbeláaez and Claudio D. Milman

This paper surveys the social security system in several Latin American countries. Specifically, the cases of Bolivia and Brazil are documented in order to determine if the…

Abstract

This paper surveys the social security system in several Latin American countries. Specifically, the cases of Bolivia and Brazil are documented in order to determine if the Chilean model is a viable one in the Latin America and Caribbean region. An institutional approach suggests that while there has been a marked interest in tailoring pension funds a la Chile, policy makers of the region must be aware of the similarities and differences in the politico‐social‐economic environment. The macroeconomic transformation undertaken in Chile was a unique one obeying to specific conditions of time and process. It is indicated, however, that even in the case of developed nations, some features of the Chilean model may be very appealing as well.

Details

Managerial Finance, vol. 23 no. 8
Type: Research Article
ISSN: 0307-4358

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