The first review of the State Earnings Related Pension Scheme is currently in progress. We have argued elsewhere (Hemming and Kay, 1981b) that the review should involve a fundamental reappraisal of the structure of the scheme. In this paper we concentrate on a single issue, but one which is...

It is widely recognised that the real rates of return which have been earned on most financial assets in the UK in recent years have been negative-the yield on investments has not been high enough to compensate for the erosion of capital values through inflation. There are many purposes for...