ABSTRACT
Financialisation has become a key feature of post-industrial economies. This special issue sheds light on pre-funded private pensions as one key component of financialisation, as they turn savings into investment via financial services providers. Public pension systems face financial pressures, resulting from ageing and rising public debt, while financial services are keen to move into the market of private pension provision. Pre-funded private pensions are shaped by regulatory policies that create and correct markets. The financial crisis has triggered policy responses including shifts in investment strategies and also a re-assessment of the role of pre-funded private pensions as a complementary, rather than a superior, source of old-age income. Policymakers’ growing awareness of the benefits of collective occupational schemes administered by the social partners may pave the way for a greater role for collective schemes.
