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Pensions and Legal Policy

Lessons on the Shift from Public to Private

By: Amanda Cooke
Media of Pensions and Legal Policy
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Published: 11-02-2021
Format: Hardback
Edition: 1st
Extent: 248
ISBN: 9781509929375
Imprint: Hart Publishing
Dimensions: 234 x 156 mm
RRP: £65.00
Online price : £58.50
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About Pensions and Legal Policy

This monograph explores the historical position of pensions law in the UK and the recent influences which have led to the introduction of Auto-Enrolment and subsequent reforms. Alternative models, such as the US and Australia, are also considered as well as the function of law in bringing about political changes.

The question of saving for retirement is of national and international importance and many governments are wrestling with the issue of how to deal with the pension funding crisis. Consequently political policy has, in many cases, combined with behavioural science to inform new laws which have acted to shift the burden from the state into the private sector. Around the world responsibility is being moved onto individuals and employers as the state retreats from provision of state support in retirement; this book offers a sophisticated analysis of the role of legal intervention to facilitate this shift.

The book explores the work of behavioural economics, its global influence on understanding financial decision-making and its application to legislation which seeks to influence consumer outcomes. Drawing on qualitative empirical research to explore the experience of implementation of Auto-Enrolment, this timely work considers the interaction with the work of behavioural science to highlight the social costs of the new regulatory regime.

Table Of Contents

1. An Introduction to the Work
I. Background
II. Pensions
III. Key Policy Considerations
IV. The Road to Auto-Enrolment: The Rise and Fall of Voluntary Private Pensions
V. The Road to Auto-Enrolment: The Pensions Commission
VI. Lessons from abroad
VII. Conclusions

2. Introduction of Auto-Enrolment to the UK
I. Auto-Enrolment and Parliamentary Intent
II. Legislative Reality
III. Post Implementation Legislative Changes
IV. Conclusions

3. Legal Paternalism and the Auto-Enrolment Regime
I. Introduction
II. Autonomy v Law
III. Legal Paternalism
IV. Soft Paternalism or Nudge
V. Paternalism and Contracts
VI. Intention of Legal Intervention
VII. Proof and Value Measurement
VIII. Conclusions

4. The Role of Behavioural Economics in Legal Intervention.
I. Introduction
II. Behavioural Economics
III. The Influence of Behavioural Economics on Law and Policy in the UK
IV. Regulatory Intervention and Choice Architecture
V. Auto-Enrolment as Choice architecture
VI. Conclusions

5. Empirical Research Findings
I. Introduction to the Research Problem
II. Research Design and Methodology
III. Process of Analysis
IV. Findings
V. Conclusions

6. Unintended Consequences: Remedies
I. Introduction
II. Fiduciary Duties Owed to Employees
III. Duties owed by the Employer as an Agent
IV. Duties Arising from the Contract of Employment
V. Duties Owed To The Employee By The Pension Provider Or Advisors
VI. Conclusions

7. Conclusions
I. Why Do We Have Auto-Enrolment?
II. Choice Architecture and Justification
III. Has Legislative and Practical Implementation Reflected the Policy Intention?
IV. Are There Unforeseen or Unintended Consequences and how do these affect Justification for Legal Intervention?

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