Iain Clacher, Con Keating, and Andrew Slater
Long Finance (May 2017), 125 pages.
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In the best tradition of speaking truth unto power, the authors respond forthrightly to the questions posed in this green paper consultation. From fundamental first principles, they analyse, review, and discuss the green paper’s narrative framework, which supports and gives rise to the Green Paper’s questions. They conclude that a major public policy debate over pension scheme member security has never taken place, and such a debate is essential. They also conclude that it is possible, and highly desirable, to reinvigorate the provision of occupational defined benefit pensions – to this end, they make eleven principle recommendations.
The analysis supporting the responses to the six multi-part questions of the Green Paper exposes the shortcomings, conflicts, and perverse incentives arising from the existing legislation and its institutions. The deficiencies in regulation and supervision motivate the authors’ call for the creation of a Royal Commission to investigate and report on the operations, accountability, and role of the Pensions Regulator. In contrast, reform of the Pension Protection Fund (PPF) needs only that it be required to pay the full benefits of members of schemes, along with being privatized, and opened to free market competition.
The Principal Recommendations are to:
Numerous other minor recommendations are made in the responses to questions and in the body of the response. Among these are to: