Three paths to more encompassing supplementary pensions

Abstract

AbstractIn pension systems characterized by low or moderate state benefits, reliance on voluntary private pensions creates a dualism of access to adequate retirement income. This dualism is expected to persist over time. Yet while some private-heavy pension systems continue to rely on dualising voluntarism, since the 1980s most have introduced regulatory reforms to make private pensions more encompassing. This paper uses fuzzy-set Qualitative Comparative Analysis to identify three paths to the regulatory extension of private pension coverage – collective self-regulation, top-down regulation in Continental Europe, and top-down regulation in Anglophone countries. A case study of the UK then shows how it is that unions have been able to bring about more encompassing private pensions in Anglophone countries, despite strong employer opposition, weak formal influence in policymaking, and a weak institutional capacity for collective self-regulation.