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Pensions Crisis - causes

  • Failed to adapt to demography, health, work changes

  • Pensions = social welfare = state responsibility

  • Pensions = long-term savings = private responsibility

  • Employers did both in final salary schemes

  • Government cut state pension - relied on private pensions

  • Inadequate social welfare => mass means-testing

  • Undermines private saving

  • Scandals

  • Asymmetrical regulation discouraged saving too 2

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