ABSTRACT
We live in an ageing world – by which I mean that the proportion of those over 60 or 65 has risen and is projected to continue to rise. Public and private pension arrangements involve huge financial flows because they are required to cover increasing sections of the population. The course of globalization itself has been shaped by institutional investors, many of them pension funds. At the present time systematic pension provision is largely confined to the richer countries but it is gradually dawning that pension arrangements are needed everywhere.
