title: Comparing pension systems in the circular flow of income.
abstract: The neoliberal consensus is that state funded pensions are not sustainable in the long term, due to declining fertility and longevity. In response, policymakers have pointed to the advantages of privately funded pension systems. This article compares the social provisioning of these two systems using the circular flow of income as an organizing framework. A series of pitfalls in the private model are examined, including inequality of provision, mis-selling of investment products, and punitive charges.
authors.affiliation: The Open University, UK.
authors.forename: Andrew B
authors.initials: AB
authors.lastname: Trigg
authors.forename: Jonquil T
authors.initials: JT
authors.lastname: Lowe
mesh_terms: D003431:Cross-Cultural Comparison; D005298:Fertility; D006076:Government / Q000266:history; D049673:History, 20th Century; D049674:History, 21st Century; D007182:Income / Q000266:history; D008136:Longevity; D010415:Pensions / Q000266:history; D011157:Population Dynamics / Q000266:history