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Back to the Drawing Board: Update

Frank Eich and Amarendra Swarup, Pension Corporation


In June this year, we published our paper Back to the Drawing Board: The Economic Crisis and Its Implications for Pension Provision in the United Kingdom. We argued that the economic crisis had highlighted not only weaknesses in financial markets and regulation but also in existing pension systems in many countries. The paper presented and discussed the myriad channels through which the crisis had affected the British pension system. We found that all aspects of the system had been hit, predicted a number of trends over the short to medium term and argued that the crisis had probably accelerated the shift towards a new pensions landscape in the future. We concluded that the challenges were so substantial that bold policy action would be required but that the developments also posed genuine opportunities to establish a more efficient, equitable and sustainable structure.

Since then half a year has passed, during which the world economy appears to have stabilised and the worst of the recession now seems to be over. However, there also remain deep worries that economies could slip back into recession, in particular, if the consumer fails to recover and once the substantial fiscal and monetary stimuli begin to be withdrawn.

It seems an opportune time to return to the issue, revisit some of our predictions and to assess whether our conclusions drawn earlier this year - when circumstances and sentiment were admittedly very bleak - remain valid in the light of an optically more upbeat economic environment now.

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Original publication date:
December 2009
Copyright © 2009 Pension Corporation. All rights reserved.

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