One of the oldest and most contentious debates in welfare economics and social security provision revolves around means testing. This paper reviews the history and issues in the debate about means tested welfare benefits, with particular emphasis on UK experience

The large declines in equity markets observed in the United Kingdom and the United States in 2001-2002 had a significant impact on the retirement funds of many individuals approaching retirement. This decline in markets and savings offers a natural experiment from which we examine how...