Recent reforms of public pension systems implemented in various countries, including Spain, have sought to ensure the sustainability of benefits. However, achieving a structural budget balance (i.e. long-run equality between income and expenditure) may result in a decrease in the replacement...

1. UK pension schemes -- 2. UK pension funds and their investments -- 3. The regulatory environment -- 4. Public policy issues -- 5. Issues in pension fund management -- 6. The consequences of pension funds for capital markets -- 7. Future developments -- 8. A new approach to pension funding:...