The Decline of the Traditional Pension

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The Decline of the Traditional Pension

By G. A. (Sandy) Mackenzie

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The traditional (final or average salary) pension that employers have provided their employees has suffered a huge decline in labor force coverage in the United Kingdom and the United States, and less severe declines in Canada and elsewhere. The traditional pension provides a precious measure of retirement security by paying retirees an annuity for life. This study compares developments in the countries just named and in Australia, Denmark, Germany, Japan, Netherlands, Sweden, and Switzerland to explain the forces behind the decline of the traditional pension and to contrast the experience of public sector employer-provided plans, where it remains dominant. Given the great value of the longevity insurance that the traditional plan provides, and the risks its diminished coverage entails, the book proposes a set of measures that either stem the decline or endow defined contribution pensions with some of the attributes of the traditional plan.

Subject: Business & Economics -> Finance -> Finance - General

The Decline of the Traditional Pension
A Comparative Study of Threats to Retirement Security
1st edition
Publisher: Cambridge University Press 6/21/10
Imprint: Cambridge University Press
Language: English

ISBN 10: 0511852304
ISBN 13: 9780511852305
Print ISBN: 9780521518475

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