Financial System Requirements for Successful Pension Reform

42 Pages Posted: 10 Jul 2020

Date Written: June 1, 2003


This paper examines the financial system prerequisites needed for the successful delivery of funded private pensions. In particular, it examines the financial instruments and investment strategies required during both the accumulation and decumulation stages. It does so within the context of a specific developed economy with a mature pension system, namely the United Kingdom. The lessons learned can help to inform the debate in developing countries that are in the process of undertaking pension reform.

Keywords: funded pension scheme, defined benefit, defined contribution, fund management, performance measurement, annuities

JEL Classification: E21, G11, G23

Suggested Citation

Blake, David P., Financial System Requirements for Successful Pension Reform (June 1, 2003). Available at SSRN: or

David P. Blake (Contact Author)

City, University of London ( email )

106 Bunhill Row
London, EC1Y 8TZX
Great Britain
+44 (0) 20-7040-8600 (Phone)
+44 (0) 20-7040-8881 (Fax)


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