Defined-benefit pension plans do not offer complete security; there are policy alternatives that would clarify this and are more likely to improve pension security than would the much-discussed options of reforming insolvency law or the constitutionally complex process of negotiating the...

This paper studies the relationship between fund and provider characteristics, and fund performance using a sample of 4,197 U.K personal pension funds operated by 35 providers over a 30 years' period (1980-2009). The fund performance is measured on an annual basis (short-term) and over the whole...