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The implications of the economic crisis for pensions and pension policy in Europe
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Casey, Bernard H. (2012) The implications of the economic crisis for pensions and pension policy in Europe. Global Social Policy, Volume 12 (Number 3). pp. 246-265. doi:10.1177/1468018112455633 ISSN 1468-0181.
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Official URL: http://dx.doi.org/10.1177/1468018112455633
Abstract
The financial crisis has affected European pensions in both the short and longer term. Members of funded pension systems nearing retirement experienced a sharp contraction in pension wealth as equity markets fell. Market turmoil has damaged public trust in such schemes and has caused employers to revise their pension obligations. Countries running funded schemes based on a share of mandatory contributions are faced with rising transition costs as unemployment rises and tax bases shrink. Pressure on public expenditure has caused some governments to raise pensionable ages and even cut pensions in payment, while reducing future public pension obligations. Thus the crisis has forced politicians to address the consequences of societal ageing while exposing the fallibility of funded schemes as a source of pension security. Fundamental questions about the prolongation of working lives remain to be resolved.
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > Institute of Education ( -2013) | ||||
Journal or Publication Title: | Global Social Policy | ||||
Publisher: | Sage Publications Ltd. | ||||
ISSN: | 1468-0181 | ||||
Official Date: | 2012 | ||||
Dates: |
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Volume: | Volume 12 | ||||
Number: | Number 3 | ||||
Page Range: | pp. 246-265 | ||||
DOI: | 10.1177/1468018112455633 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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