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Abstract

The detailed analyses, which include an examination, based on sample surveys, of the features of occupational schemes within the existing environment, show that statutes and regulations now bear significantly upon pensions provision within the UK. However, occupational schemes are still not generally proving to be wholly effective in the areas of preservation rights and index-linking and further relevant legislation, as proposed by the OPB is, on balance, supported. Also financial recording and reporting have been found, with some notable exceptions, to be generally unsatisfactory and the position needs to be rectified.

Analyses of the various possible financing systems indicate that the different existing types of arrangement within the UK are all properly financed. But notional
funds could be adopted for public service schemes and would be appropriate for local government schemes. Within the private sector it has been found that financing practice has developed merely deterministically but that it is working effectively, although scheme solvency is frequently measured against a low contractual winding-up scale.

Analyses show that investment principles, in connection with funded schemes, are applied largely arbitrarily. Nevertheless, a general sense of responsibility prevails and it is concluded that calls for a new investment facility and other means to enable pension scheme resources to be channelled to purposes extraneous to the direct interests of members, as well as criticism of a measure of overseas investment, lack justification. Analyses do show, however, that there is not appropriate equity investment diversification into the smaller companies so that a vital sector of the economy is being neglected.

Detailed regard has been paid to the financial burden of current arrangements. It is concluded that the present system is not sustainable for long into the future. The need, based on social and emerging cost considerations, for modifications is presented, leading to the conclusion that the solution lies in a gradual raising of retirement ages.

Publication Type:	Thesis (Doctoral)
Subjects:	H Social Sciences > HG Finance
Departments:	Bayes Business School > Bayes Business School Doctoral Theses Bayes Business School > Faculty of Finance Doctoral Theses

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