2006 5 1 1 2 3 4 5 6 20

DC 2001 4 1 2002 1 2 21 100 Department for Work and Pensions DWP 2006 5 25 White Paper Security in retirement: towards a new pensions system The Pensions Commission 2005 11 1 1 State Second Pension S2P 2 2 1 23.8 12.8 11.0 2 2.10 2005/2006 79.60 / 127.25 2004/2005 3 65 60 1 48 2 48 3 SERPS S2P S2P 0.4A 0.1B 0.2C

2010 2020 65 2 contracting out 4 Money-purchase schemes DC Final salary schemes DB Hybrid schemes 5 2005 17 FRS17 DB DB DC DC 7.6 2004 DB 17.1 2004 The National Association of Pension Fund NAPF 2004 DB 10 2003 26 DB 50 DB 19 4 The Pensions Regulator 2004 3 9 4,535 DC 7 2,697 DB 9,834 3,097 8,140 1 A 4,264 12,100 ( ) B 12,100 27,772 C 27,772 32,760 ( ) 12,100 4 2003 Minimum Income Guarantee MIG MIG 114.05 / 174.05 / 17.88 / 23.58 / 2005/2006 5 Career Average Plans Department for Work and Pensions, Risk sharing and hybrid pension plans, August 2005, 7 < http://www.dwp.gov.uk/asd/asd5/rports2005-2006/rrep270.pdf>

DC DB 2 11 64,275 2,552 1,969 7,041 12 99 6,354 3,085 407 792 100 999 1,783 3,196 460 246 1,000 4,999 231 722 178 36 5,000 9,999 33 125 35 10 10,000 21 154 48 15 72,697 9,834 3,097 8,140 The Pensions Regulator 6 1975 SERPS 1978 4 DB 1988 4 DC 7 8 9 DB 6 http://www.thepensionsregulator.gov.uk/opraarchive/pensionschemesuk/opraarchive_pensionsschemesuk.pdf 7 1987 8 SERPS 9 2002 12 2005 11 Women and pensions; The evidence

1998 1998 10 1998 A new contract for welfare: PARTNERSHIP IN PENSIONS (Cm4179) MIG S2P 11 3 9,000 20,000 DC 12 2002 12 Simplicity, Security and Choice Working and saving for retirement 2002 12 Adair Turner CBI John Hills Jeannie Drake 3 4 10 < http://www.labour.org.uk/index.php?id=welfarereform04> 11 3 2001 3 Vol.57 12 Association of British Insurers ABI 125 2003 8 35 2003 8 80 1 Pensions International April 2006 7 5

3 2004 10 12 250 2005 11 30 2006 4 4 13 65 (1) (2) (3) (4) 4 (1) (2) (4) 1 14 1,200 1 68 2030 66 2040 67 2050 68 1981 13 Turner 14 1980 DB DB DC DC 75 DB 1.15 2.25

NPSS National Pensions Savings Scheme NPSS 2010 NPSS 4 3 1 6 10 0.3 NPSS NPSS NAPF ABI NPSS 5.2 2002 12 2004 10 12 250 2005 6 21 2005 11 30 2006 3 18 National Pension Day 2006 4 4 2006 5 25

2006 5 25 4 1950 19 27 2050 47 1948 1970 2004 200 960 1,200 2005 85 30 3 2

Personal Account NPSS Personal Account 2012 Auto-enrolment 5,035 (2006/07 ) 22 3 opt-out opt-in 33,540 (2006/07 ) 4 3 1 30 8 45 1 2024 2046 68 2026 66 2036 67 2044-46 2 68 2012 S2P S2P top-up 2030 1 S2P

44 39 30 20 DC DC 2004 1,000 25 30 2010 70 2025 90 80 2050 2 135 / 20 / 2050 3 1 5 the five tests 5

5 John Hutton 2005 11 24 Institute of Public Policy Research: IPPR 5 15 3 2050 68 2044 68 ( 6 ) 2010 2012 ( 2 ) 30 Personal NPSS Account 4 4 15 5 < http://www.dwp.gov.uk/aboutus/2005/24-11-05.asp>

2012 NAPF ABI NPSS NAPF Super Trust ABI Partnership Pensions Confederation of British Industry CBI NPSS 3 Pension Builder Partnership Pension Pension Tax Credit Investment Management Association IMA NPSS the best deal 16 16 IMA Response to White Paper Security in retirement: towards a new pension systems, September 11, 2006.

NAPF ABI CBI Personal Accounts Super Trusts Partnership Pensions Pension Builder NPSS ( 250 ) Partnership Pension Pension Tax Credit 3 3 5 4 1 Super Trust 2 BACS 1,000 1 8 Super 2 Trusts 4 2 NPSS Super Trust 1 1 8 150 Super Trust 3 2.15 Super NPSS Trust 40 Security in retirement: towards a new pensions system Super Trusts the answer on pensions, say NAPF Pensions White Paper NAPF Response, NAPF, September 2006. MEETING THE PENSIONS CHALLENGE, PARTNERSHIP PENSIONS: A NEW MODEL FOR RETIREMENT SAVING, February 2006. Making a success of Personal Accounts: The ABI s response to the pensions White Paper, ABI, September 2006. Personal Accounts Delivering the industry model: Technical paper, ABI, September 2006. CBI submission to the Department for Work & Pensions: Responding to the Pensions Commission final report

DC DC DC 2006 401(k) 2 9 7 1

Department for Work and Pensions, Security in retirement: towards a new pension system, May 2006. The Pensions Commission, Pensions: Challenges and Choices, The First Report of the Pensions Commission, October 2004. The Pensions Commission, A New Pension Settlement for the Twenty-First Century, The Second Report of the Pensions Commission, November 2005. The Pensions Commission, Implementing an integrated package of pension reforms: The Final Report of the Pensions Commission, April 2006. 2002 5 2005 1/2 1 2 2006 8 9