The Future Of Pensions: Reforms And Their Consequences – Introduction

Relatively generous provision of incomes for old people is among the main achievements of modern westernised economies. Historically, the state entered and expanded the market for pension provision in order to eliminate old-age poverty and to overcome diverse types of market failures. However, since pension budgets have been increasingly challenged by demographic and financial developments, governments around the world have been reforming their pension systems. This special issue sheds light on the origin, design and potential consequences of pension reform – with a special focus on the UK and Germany.