increase workers' retirement wealth. Data show that returns on supplementary pension funds may be greater than the revaluation … retirement wealth held in pension funds a degree of flexibility comparable to that of the Tfr. The paper shows that scale … essential in stimulating competition and allowing workers to move freely from expensive retirement schemes to schemes charging …

standard of living in retirement. On the other hand, the fall in equities in the period 2000-02 highlighted the fact that one …