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Centre for Policy on Ageing | |
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The implications of the "New Insurance Contract" for UK pension provision
— rights, responsibilities and risks | | Author(s) | Patrick Ring |
| Journal title | Critical Social Policy, issue 73, vol 22, no 4, November 2002 |
| Pages | pp 551-571 |
| Keywords | Pensions ; Supplementary pensions ; Private pensions ; Preparation [retirement] ; Social policy. |
| Annotation | The Green paper, "A new contract for welfare: partnership in pensions" (Cm 4179, TSO, 1998) has set out to establish a "New Insurance Contract". The promise is security in retirement for those who cannot afford to provide for themselves, and a strengthened private pensions framework for those who can. This article argues that the security promised amounts to little more than greater means testing and complexity, and that the government's "strengthening" of private pensions actually results in greater risk being transferred to individual savers. The government recognises some of the problems this approach creates, but its attempts to remedy them are not very credible. Nevertheless, the government will continue on its path, because of its determination to reduce the state's role in pension provision. This article suggests that the "New Insurance Contract" is one that individual savers do not fully understand and may ultimately reject. (RH). |
| Accession Number | CPA-021216208 A |
| Classmark | JJ: JJH: JK: GA: TM2 |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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