With the shift from defined benefit (DB) to defined contribution (DC) pensions gathering momentum in the aftermath of the financial crisis, there is a renewed focus on what kind of pension DC members can expect in retirement. Will current DC pension plans be sufficient to provide an adequate...

In summer of 2013, the Office for National Statistics (ONS) reported a record of more than one million people aged 65 or more being in employment in the UK. This represents a doubling relative to 1992 (when ONS began recording this statistic) and means almost one in ten people aged over 65 are...

We study market reactions to the announcement of a company closing their defined benefit pension plan in the UK to future accrual. For a sample of 48 plan closures, observed between 2006 and 2013, the empirical tests show a relatively muted market reaction on average. Although estimated returns...

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...

In the wake of the worst financial crisis since the Great Depression, lawmakers and regulators around the world have changed the playbook for how banks and other financial institutions must manage their risks and report their activities. The US Congress passed the Dodd-Frank Wall Street Reform...