A Pension for All: Pension Reform in the United Kingdom

Abstract

British pension reform comprises three related strands of activity. The first centers on ensuring access to a State Pension that is fairer, more generous, and more widely available, tackling the historical inequalities in entitlement, especially for women. The second addresses a lack of demand for private pensions by placing a duty on employers to automatically enroll all eligible workers in a workplace pension and to contribute to that pension. The third addresses a perceived supply-side failure by setting up a new low-charge, simple pension scheme for those currently without access to a good quality workplace pension scheme - in particular, low-to middleincome earners. This article provides the historical context of these initiatives, and describes the strategies being employed to implement them.

Keywords: PADA, Pension Fund, Pension Reform, Personal Accounts, Retirement