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Reflections on the Roles of State and Occupational Pension Schemes in the United Kingdom

Published online by Cambridge University Press:  03 October 2014

A. J. Low  and
P. E. Felton
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Synopsis

The 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.

Type
Research Article
Information
Transactions of the Faculty of Actuaries , Volume 34 , 1973 , pp. 533 - 594
Copyright
Copyright © Institute and Faculty of Actuaries 1973

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References

1. Cmnd. 5713—Better Pensions—Proposals for a New Pensions Scheme—September, 1974.Google Scholar
2.Pensions and Company Finance by G. T. Humphrey, M.A., F.I.A., F.S.S., F. R. Langham, F.I.A., F.S.S., R. E. Snelson, F.I.A., and J. D. Sparks, B.A., F.I.A.—J.I.A. 96, page 189.Google Scholar
3. Occupational Pension Schemes—Notes on approval under the Finance Act, 1970.Google Scholar
4.Discussion on the National Superannuation and Social Insurance Bill—T.F.A. 32, page 180.Google Scholar
5. Cmnd. 6404—Social Insurance and Allied Services—Report by Sir William Beveridge—November, 1942.Google Scholar
6. Cmnd. 3883—Proposals for Earnings Related Social Security—January, 1969.Google Scholar
7. Cmnd. 4655—Strategy for Pensions—The Future Development of State and Occupational Provision—September, 1971.Google Scholar
8. Memorandum No. 1—Recognition of Occupational Pension Schemes; Minimum Benefit Rule—issued by the Occupational Pensions Board.Google Scholar