The UK pensions crisis and institutional innovation

Beyond corporatism and neoliberalism

Gordon L. Clark

Research output: Chapter in Book/Report/Conference proceedingChapter (Book)Researchpeer-review

Abstract

With the defeat of the UK Labour government in May 2010, the incoming coalition government of Conservatives and Liberal Democrats contemplated abandoning the National Employee Savings Trust (NEST).2 Conceived by the Labour government’s Pensions Commission (2005), Lord Turner’s expert panel recommended the establishment of NEST as a way of addressing the pensions crisis: the future liabilities associated with government-provided social security, declining occupational pension coverage rates, and the accelerated closure of defined benefit pension schemes in the private sector (Pemberton et al., 2006). In effect, NEST is a state-sponsored pension reserve scheme for working men and women via automatic enrollment at their place of work. Although not mandatory, as is the case in Australia, Canada, and Sweden (Cronqvist and Thaler, 2004), it was designed to encourage private-sector employees to save for their retirement (in the manner suggested by Thaler and Sunstein, 2003). After a review, the coalition government affirmed the previous government’s commitment to NEST (which began in 2012).
Original languageEnglish
Title of host publicationChallenges of Aging: Pensions, Retirement and Generational Justice
EditorsCornelius Torp
Place of PublicationBasingstoke UK
PublisherPalgrave Macmillan
Pages105-132
Number of pages28
ISBN (Electronic)9781137283177
ISBN (Print)9781137283160
DOIs
Publication statusPublished - 1 Jan 2015

Cite this

Clark, G. L. (2015). The UK pensions crisis and institutional innovation: Beyond corporatism and neoliberalism. In C. Torp (Ed.), Challenges of Aging: Pensions, Retirement and Generational Justice (pp. 105-132). Basingstoke UK: Palgrave Macmillan. https://doi.org/10.1057/9781137283177_7
Clark, Gordon L. / The UK pensions crisis and institutional innovation : Beyond corporatism and neoliberalism. Challenges of Aging: Pensions, Retirement and Generational Justice. editor / Cornelius Torp. Basingstoke UK : Palgrave Macmillan, 2015. pp. 105-132
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Clark, GL 2015, The UK pensions crisis and institutional innovation: Beyond corporatism and neoliberalism. in C Torp (ed.), Challenges of Aging: Pensions, Retirement and Generational Justice. Palgrave Macmillan, Basingstoke UK, pp. 105-132. https://doi.org/10.1057/9781137283177_7

The UK pensions crisis and institutional innovation : Beyond corporatism and neoliberalism. / Clark, Gordon L.

Challenges of Aging: Pensions, Retirement and Generational Justice. ed. / Cornelius Torp. Basingstoke UK : Palgrave Macmillan, 2015. p. 105-132.

Research output: Chapter in Book/Report/Conference proceedingChapter (Book)Researchpeer-review

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Clark GL. The UK pensions crisis and institutional innovation: Beyond corporatism and neoliberalism. In Torp C, editor, Challenges of Aging: Pensions, Retirement and Generational Justice. Basingstoke UK: Palgrave Macmillan. 2015. p. 105-132 https://doi.org/10.1057/9781137283177_7