Hostname: page-component-5c6d5d7d68-txr5j Total loading time: 0 Render date: 2024-08-15T16:40:20.295Z Has data issue: false hasContentIssue false
  • English
  • Français

Pensions: The problems of today and tomorrow. A summary of the Report published by the Institute of Actuaries and of the discussion at Staple Inn on 11 June 1985

Published online by Cambridge University Press:  20 April 2012

S. Haberman
Get access Rights & Permissions [Opens in a new window]

Extract

From the very outset of the formation of pensions schemes in the United Kingdom, actuaries have been involved in their design, investment, valuation and solvency. A review of issues of the Journal of the Institute of Actuaries in England and the Transactions of the Faculty of Actuaries in Scotland over the last 40 years would show how schemes have become more complicated and more comprehensive, how the economic and equity problems have increased and how the actuarial profession has successfully adapted its theory and practice to accommodate change. After World War II the rapid growth in occupational pension schemes together with the post-Beveridge expansion in State social security led to concerns about the overall effect on the national economy. As a consequence, in 1954 a report on “The growth of pension rights and their impact on the national economy” was presented to both the Institute and the Faculty of Actuaries by Bernard Benjamin, Francis Bacon and Donald Elphinstone.

Type
Review Article
Information
Journal of the Institute of Actuaries , Volume 112 , Issue 3 , December 1985 , pp. 407 - 419
Copyright
Copyright © Institute and Faculty of Actuaries 1985

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

(1) Bacon, F. W., Benjamin, B. & Elphinstone, M. D. W. (1954). The Growth of Pension Rights and their Impact on the National Economy. J.I.A. 80, 141–202 (with discussion).Google Scholar
(2) Committee on Economic and Financial Problems of Old Age (1954). Cmnd 933. H.M.S.O., London.Google Scholar
(3) Lyon, C. S. S. (1983) Presidential Address: The Outlook for Pensioning. J.I.A., 110, 1–16.Google Scholar
(4) Benjamin, B. & Overton, E. (1981). Prospects for Mortality Decline in England and Wales. Population Trends, 23, 22–28.Google Scholar
(5) Joshi, H. E., Layard, R. & Owen, S. J. (1985). Why are More Women Working in Britain? Journal of Labour Economics, 3, 147–176 (S).CrossRefGoogle ScholarPubMed
(6) Joshi, H. E. & Owen, S. J. (1983). How Many Pensionable Years? The Lifetime Earnings History of Men and Women. Govt Economic Service Working Paper No. 65. Economic Advisers' Office. D.H.S.S.Google Scholar
(7) Occupational Pension Schemes 1979 (1981). Sixth Survey by the Government Actuary. H.M.S.O., London.Google Scholar
(8) Field, J. L. (1983). Projections of the Costs of Occupational and State Pensions. J.I.A., 110, 243–270.Google Scholar
(9) National Insurance Fund Long Term Financial Estimates (1982). Report by the Government Actuary on the First Quinquennial Review. H.M.S.O., London.Google Scholar
(10) The Mineworkers Pension Scheme Case—Judgement by Sir Robert Megarry, April, 1984.Google Scholar
(11) Reform of Social Security (1985). Volumes 1–3. Cmnd 9517, 9518, 9519. H.M.S.O., London.Google Scholar