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United Kingdom

United Kingdom. Country Summary. Basics. Low flat-rate Basic State Pension (20% national average earnings) Supplementary Earnings Related Second State Pension - contracting out allowed and normal Long history of Occupational Funded Schemes Insured and Self Administered Plans co-exist happily.

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United Kingdom

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  1. United Kingdom Country Summary

  2. Basics • Low flat-rate Basic State Pension (20% national average earnings) • Supplementary Earnings Related Second State Pension - contracting out allowed and normal • Long history of Occupational Funded Schemes • Insured and Self Administered Plans co-exist happily

  3. Investment • Strong Equity Culture (around 90% of Pension Assets in Global Equities) • Pension Funds own around 30% of UK Equity market • Prudent Man Approach • Investment Management separate from Administration of Benefits

  4. Structure • Usually single employer schemes, although there are a number of industry-wide funds • To date no open funds have existed, although they will be introduced in 2001 called Stakeholder Pensions • All plans are voluntary to employees • Insurers have had opportunity to sell third pillar “personal pensions” since 1988.

  5. Issues • Mis-selling of personal pensions • Introduction of Stakeholder Pensions • Corporate Governance • Minimum Funding Requirement • Global Diversification - multinational indices

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