ABSTRACT
The growth of occupational pension schemes during the twentieth century has occurred in an environment affected substantially by legislation. The influence of the government can conveniently be described under the four headings of competition, cooperation, concessions and control. Competition has come in the form of the provision by the state of a compulsory pension scheme, first a flat-rate one, and later an earnings-related one. Cooperation has come in the form of permitting occupational schemes to act as an alternative to parts of the state scheme through the arrangements called ‘contracting out’. Concessions have come in the form of tax relief for pension funds subject to certain conditions. Controls have come through legislation restricting how pension schemes may behave, particularly in respect of early leavers.
