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Public sector pension schemes in Scotland
- Authors:
- AUDITOR GENERAL FOR SCOTLAND, ACCOUNTS COMMISSION
- Publisher:
- Audit Scotland
- Publication year:
- 2006
- Pagination:
- 24p.
- Place of publication:
- Edinburgh
This document looks at the main public sector pension schemes in Scotland, how they are funded and what challenges lie ahead in their management. It will be of interest to those who are responsible for public sector pensions, to those who fund them, and to pension scheme members. It does not cover the state pension scheme, private pensions or wider matters concerning retirement income.
Financing later life: why financial capability agendas may be problematic
- Author:
- PRICE Debora Janet
- Journal article citation:
- Working with Older People, 19(1), 2015, pp.41-48.
- Publisher:
- Emerald
Purpose: The purpose of this paper is to examine the language and cultural assumptions that government uses when proposing policy reforms for the financing of later life, especially in promoting the financial capability of citizens. The author asks what the implications of this political construction are for society. Design/methodology/approach: The author examines UK government policy documents from the foundation of the Financial Services Authority in 1997 until 2013. The author analyses these documents to understand the discourses of government for the financing of later life, how powerful these discourses are, and what influence they have on policy and society. Findings: The paper shows that the government considers the promotion of the financial capability agenda to be a solution to structural problems in the provision of old age welfare. By controlling the discourse, non-market-based discussions of welfare are closed and any need for examination of the structural causes of inequality in old age is made invisible. The discourse prevents critique of the individualisation of risk and market provided welfare and service delivery, and failures of policy become the failures of individuals as both consumers and regulators. Originality/value: The financial capability agenda sounds so sensible and has enrolled so many different organisations in its delivery that it is rare to reflect on the cultural and political assumptions that lie behind these discourses. When these are analysed, the author observes that individualised discourses surrounding money and welfare in later life are so powerful that more collective solutions to issues of financial welfare are closed off from public debate and discussion. (Publisher abstract)
Options for financing private long-term care
- Author:
- JOSEPH ROWNTREE FOUNDATION
- Publisher:
- Joseph Rowntree Foundation
- Publication year:
- 2005
- Pagination:
- 4p.
- Place of publication:
- York
Long-term care provision in the United Kingdom has been the subject of much debate and analysis over the past decade, yet the issue of how to fund the cost of that care for future generations remains unresolved. Much of the debate has revolved around how the State should address the problem. As a consequence, the general public are unsure as to where their responsibilities and liabilities lie. There is a perceived unfairness around the current system which leaves significant financial responsibility resting with the individual above basic income and asset levels. Insurance plans designed to cater for the cost of care in later life have not been popular. As a result, most insurers have now withdrawn from this market.Investment-based plans have failed to maintain protection levels and have now also been withdrawn from the market. Annuities specially designed to fund care fees and which recognise reduced life expectancy do provide a solution for some, but access to advice at a time of crisis may be difficult. Equity release or lifetime mortgages are popular but are not being used as a way to fund care. The current pensions ‘crisis’ bears many of the same hallmarks as those relating to long-term care planning. As with the Pensions Commission Report, there does not appear to be one single solution to the problems surrounding long-term care. A combination of measures may be more likely to succeed.
Transformations in economic security during old age in Korea: the implications for public-pension reform
- Author:
- CHOI Young-Jun
- Journal article citation:
- Ageing and Society, 26(4), July 2006, pp.549-565.
- Publisher:
- Cambridge University Press
The South Korean National Pension scheme was instituted in 1988 and now covers all private-sector employees and the self-employed. Since the financial crisis of 1997, however, it has become controversial and is under considerable pressure, not least because of the perceived financial implications of the country's rapidly ageing population. Predictions of financial shortfalls or ‘unsustainability’ have prompted calls for severe ‘downsizing’ of the scheme. The debate on the reform of the scheme has been dominated by the need to respond to demographic change in ways that assist the national economy, invariably by reducing social expenditure. The debate, however, has given little attention to the social or welfare functions of the pension scheme, though the material insecurity of older people has been exacerbated by major changes in the labour market and the family. This paper details recent socio-demographic changes in Korea and discusses their implications for old-age security and pension reform. It argues that public-pension schemes should be developed to strengthen social protection against the insecurities of old-age, that intra-generational redistribution should be at the core of the reformed arrangements, and that the introduction of a comprehensive non-contributory pension scheme should be seriously considered.
The unwanted generation
- Author:
- LYNES Tony
- Publisher:
- National Pensioners Convention
- Publication year:
- 1999
- Pagination:
- 26p.
- Place of publication:
- London
Response by the National Pensioners Convention to the government's green paper "A new contract for welfare; partnership in pensions".
A step by step approach to free personal care
- Author:
- LEGRYS Desmond
- Journal article citation:
- Working with Older People, 4(1), January 2000, pp.10-13.
- Publisher:
- Emerald
The Government is reported to have doubts about accepting the major recommendations at the Royal Commission on long term care that all personal care should be provided free. The author suggests how the recommendation could be implemented without costs running out of control.
Financial gerontology and the middle ageing of the world: the U.K. in international perspective
- Author:
- CUTLER Neal E.
- Journal article citation:
- Generations Review, 7(2), June 1997, pp.4-6.
- Publisher:
- British Society of Gerontology
Discusses the ageing of the population in the United Kingdom from a comparative perspective. Looks in particular at the role of middle age to the future financing of older age.
Pensioned off: retirement and income examined
- Author:
- MIDWINTER Eric
- Publisher:
- Open University Press
- Publication year:
- 1997
- Pagination:
- 127p.,bibliog.
- Place of publication:
- Buckingham
Examines how retirement and ways of funding it emerged, looks at key issues in relation to retirement and pensions today, and goes on to deal with key issues for the future.
Care and state pension reform: interactions between state pension and long-term care reforms: a summary of further findings
- Authors:
- ADAMS John, et al
- Publisher:
- Pensions Policy Institute
- Publication year:
- 2018
- Pagination:
- 34
- Place of publication:
- London
This report examines the costs and trade-offs of reforming long-term care funding for older people in England, and identifies those who stand to gain and lose from a range of proposed reforms. It sets out findings from existing analyses of potential expansion of eligibility, subject to the current means test, for LA-funded home care for older people; some revenue raising options to fund extra public spending on long-term care for older people; and the likelihood of different ‘triple lock’ outcomes and their effects on state pension uprating and on how much an older person may be required to pay towards their home care. It also reports new analyses of some options for reforming long-term care funding, including: a £72k lifetime cap on care costs; suggestions for a cap on care costs which covers daily living costs in care homes as well as care costs; free personal care as implemented in Scotland; and the Conservative Party manifesto suggestion of including housing wealth in the means test for home care. The findings are based on pension and long-term care simulation models. The research has been carried out by the Care and State Pension Reforms (CASPeR) team, a collaborative project between the Pensions Policy Institute, the University of East Anglia and the London School of Economics. (Edited publisher abstract)
Towards a new age: the future of the UK welfare state
- Author:
- BRANCATI Cesira Urzi
- Editors:
- FRANKLIN Ben, HOCHLAF Dean
- Publisher:
- International Longevity Centre UK
- Publication year:
- 2016
- Pagination:
- 172
- Place of publication:
- London
Brings together a collection of essays from over 20 experts from different fields to consider how the welfare state should respond to the challenge of population ageing in order to ensure long term sustainability and maximise wellbeing. The report begins with a provocation which argues that population ageing, the welfare state and democracy might be incompatible. It then looks at challenges posed by ageing for the welfare state, including how ageing might affect economic growth and intergenerational fairness and the extent to which benefits and entitlements might need to change in order to support future sustainability. The main section of the report focuses on possible solutions to cope with demographic change. Essays explore: options for pensions reform; labour market challenges and reform options; reforming education; the future of health and care, focusing on better integration of health, social and community care and the importance of prevention for future sustainability; and recommendations for housing reform, including the importance of increasing the supply of houses for older people. The final two contributions explore the conditions that are most conducive to enabling reform and outline some general principles for a national debate on ageing and the welfare state. (Edited publisher abstract)