PENSION REFORMS IN THE UK, URBAN CHINA AND HONG KONG: ENHANCING SECURITY OR INSECURITY?

Abstract

The paper studies pension reforms in the UK, urban China and Hong Kong. It argues that these reforms share suggestions raised by the World Bank, and that these reforms are not effective in strengthening the capacity of pension schemes in giving older people a secure retirement life. To increase the effectiveness of these schemes, the three Governments should appreciate that the main purpose of the pension reforms is to provide older people with secure retirement rather than to promote investors' interests. Moreover, they should develop a social consensus on how security should be defined.