The UK pensions landscape – A critique of the role of accountants and accounting technologies in the treatment of social and societal risks

Kaifala, Gabriel Bamie; Paisey, Catriona; Paisey, Nicholas Julian

doi:10.1016/j.cpa.2019.06.005

Cited by 12 publications

(5 citation statements)

References 82 publications

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“…Plan holders can take out the accrued capital and invest it elsewhere; they may also spend the money for other purposes and then potentially be short of pension income later on. In this pension landscape, risks are incurred by employees who depend on capricious stock markets, volatile interest rates and unclear longevity predictions (Kaifala et al 2021).…”

Section: Englandmentioning

confidence: 99%

The Fate of Social Modernity

Bode

2024

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Section: Englandmentioning

confidence: 99%

The Fate of Social Modernity

Bode

2024

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“…However, this assumption is problematic. Kaifala et al (2019) question the way in which financial experts and accountants treat the key dimensions of pensions, such as their predictability and stability and the way in which information is communicated to clients. Also, the high degree of financial literacy needed to make informed investment choices for future pension income excludes large sectors of the population who do not have such skills.…”

Section: Pensions and Global Financementioning

confidence: 99%

The Role of Pension Policies in Preventing Old-Age Exclusion

Ogg

2021

International Perspectives on Aging

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Access to an adequate pension is fundamental to preventing exclusion. As populations age, modern economies have put into place pension reforms to safeguard financial stability. In Europe, raising the age of eligibility for pensions and increasing the length of time necessary in a working career to access a pension are among the main policy measures that are being adopted. In addition, pensions and life expectancy are increasingly linked mainly in the form of the replacement of defined benefit pensions, where financial risks were shared collectively and produced stable pension benefits, by defined contribution pensions which depend on the capacity of individuals to save and individualise the risk of investments in diverse pension schemes. This chapter presents the main mechanisms of reforms to pension systems and addresses the opportunities and constraints for reducing exclusion in later life. It focuses on policies that aim to safeguard adequate levels of pension income for individuals who are unable to extend their working life; policies that aim to reduce gender pay gaps and, in turn, gender pension gaps; reforms to survivor pensions; and the provision of pension safety nets for individuals who have not built up enough contributions to ensure an adequate income. These policies are examined in the context of new social risks which result from shifting political systems, rapid technological change, and economic uncertainties.

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“…Recognizing the challenges associated with the risks of funding of DB pensions, the private sector aided and abetted by the UK financial services industry has moved from DB to DC pensions (Kaifala et al, 2020) -a move encouraged by lower employer contributions and facilitated by low rates of unionization in the retail, commercial and finance sectors. Private sector employers have been reluctant to offer and/or maintain DB pension benefits because of regulatory requirements as to the funding of related financial obligations and the mandatory participation of employers in the Pension Protection Fund (PPF) (where employers' annual premiums are risk-related).…”

Section: The Uk Pension Fund Sectormentioning

confidence: 99%

“…Some assessments of the performance of the UK pension fund sector have focused on changes in offered pension benefits (see Kaifala et al, 2020). Others have focused on inequalities in pension provision including the lucrative nature of corporate executives' DB pension benefits (see Waine, 2008).…”

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confidence: 99%

The problematic nature of UK pension fund regulation: Performing governance at the expense of innovation

Clark

2020

Competition & Change

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At the heart of UK pension fund regulation are quasi-compulsory codes of practices and tests of pension fund trustees’ competence. This regime of ‘soft’ regulation focuses upon the ‘performance’ of governance and is intrusive in terms of expected behaviour and board decision-making. Framed by defined benefit pension obligations in the private sector, it lacks rigorous standards of value when applied to defined contribution pensions. As such, pension ‘adequacy’ is discounted by the premium placed on performing governance in the market for financial services. The UK pension regime has hit a dead-end being neither fit-for-purpose in a world of technological disruption and financial turmoil nor capable of empowering those funds willing and able to innovate in the best interests of participants.

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The UK pensions landscape – A critique of the role of accountants and accounting technologies in the treatment of social and societal risks

Abstract: The UK pensions landscapea critique of the role of accountants and accounting technologies in the treatment of social and societal risks. Critical Perspectives on Accounting,

Cited by 12 publications

References 82 publications

The Fate of Social Modernity

The Fate of Social Modernity

The Role of Pension Policies in Preventing Old-Age Exclusion

The problematic nature of UK pension fund regulation: Performing governance at the expense of innovation

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