S. Ward
2000
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0
Influential Citations
3
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Abstract
The British system of “personal pensions” has been a unique experiment in the Western world. The Government provides a social security benefit, but allows and indeed encourages people to opt out of this with no guarantee that they will receive equivalent benefits from the commercial providers and, indeed, the possibility of receiving nothing at all. It has been an enormously expensive experiment — at one time it nearly bankrupted our National Insurance Fund. Most unbiased observers would agree that it has been a failure which should not be repeated elsewhere.