Whiteside, Noel (2014) Privatization and after : time, complexity and governance in the world of funded pensions. Transfer: European review of labour and research, Volume 20 (NUmber 1). pp. 69-81. doi:10.1177/1024258913514359

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Abstract

Externalities consequent on pension privatization have returned to haunt governments: externalities revealed in falling asset returns, rising administrative costs and increasingly intermittent contributions that reflect more intermittent employment. This article reviews the regulatory complexities following the promotion of personal private pensions, identifies the governance problems these entail and suggests a few measures to restore public confidence and trust. It draws our attention to the political as well as market-based risks implicit in new systems by showing how governments have adapted commercial pension provision to serve social ends and to safeguard the public finances in more ways than one. The conclusions identify solutions to issues that need urgent attention, notably the opaque nature of annuity markets, the provision of independent monitoring and information capacity and a possible reconstruction of retirement itself.

Item Type:	Journal Article
Divisions:	Faculty of Social Sciences > Sociology
Journal or Publication Title:	Transfer: European review of labour and research
Publisher:	Sage Publications Ltd.
ISSN:	1024-2589
Official Date:	February 2014
Dates:	Date Event February 2014 Published
Volume:	Volume 20
Number:	NUmber 1
Page Range:	pp. 69-81
DOI:	10.1177/1024258913514359
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access

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