Silver, Nick and Pant, Saurabh (2012) Regulation without reason: the deleterious effects of government regulation on private pension provision. Economic affairs, 32 (3). pp. 50-57. ISSN 0265-0665
Abstract
In this article, the history of regulation in pensions in the United Kingdom is analysed, in particular with respect to defined benefit occupational pension schemes. A framework of criteria for effective legislation is developed. The original prudent person rule provided a good framework for legislation, but most subsequent regulation that has been enacted does not meet our criteria. Recently regulation has increased the cost and risk of individual schemes and the systemic risk in the system as a whole. The article finds that, in totality, regulation has been disastrous for these schemes, contributing to their demise. The article concludes by briefly outlining how effective regulation might have developed to produce a flexible and resilient system. © 2012 The Authors. Economic Affairs.
| Item Type: | Article |
|---|---|
| Official URL: | http://onlinelibrary.wiley.com/journal/10.1111/%28... |
| Additional Information: | © 2012 Institute of Economic Affairs |
| Uncontrolled Keywords: | defined benefit pension schemes, final salary, occupational pensions, pensions, regulation |
| Library of Congress subject classification: | H Social Sciences > HG Finance |
| Journal of Economic Literature Classification System: | G - Financial Economics > G2 - Financial Institutions and Services > G28 - Government Policy and Regulation J - Labor and Demographic Economics > J3 - Wages, Compensation, and Labor Costs > J32 - Nonwage Labor Costs and Benefits; Private Pensions |
| Sets: | Collections > Economists Online |
| Rights: | http://www.lse.ac.uk/library/rights/LSERO.htm |
| URL: | http://eprints.lse.ac.uk/47292/ |
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