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The regulation of funded pensions: a conceptual framework for comparative analysis

[working paper]

Hippe, Thorsten

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Corporate Editor Universität Bielefeld, Fak. für Soziologie, Institut für Weltgesellschaft
Abstract "Some social policy analysts argue that the shift from PAYG towards more capital funding in pension policy in many European countries does not necessarily imply neo-liberal privatisation, but will probably lead towards a genuine social-liberal third way, i.e. socially regulated `welfare markets´ reconciling the tension between individual liberty and social solidarity. However, the scientific rationale of the term welfare market is uncertain because it was not exactly specified how this reconciliation should precisely be possible and what are the theoretical motivations and distinctive institutional features of welfare markets compared to unfettered markets and welfare states. While for paradigmatic critics of the shift towards capital funding this term must appear as a euphemistic oxymoron, neo-liberalism dismisses social regulation of pension markets as futile or even harmful. Refuting both objections and filling the theoretical gap, this article establishes a rationale for the term welfare market by showing why and how funded pension provision can be socially regulated, i.e. in a manner which takes concerns about social justice seriously while preserving basic market features. Finally, it is exemplarily examined whether funded pension regulation in European countries is actually heading towards welfare markets." [author's abstract]
Keywords welfare state; pension; system; Europe; pension policy; private provision; market; privatization; neoliberalism; social policy; regulation; provision for old age
Classification Social Security
Document language English
Publication Year 2006
City Bielefeld
Page/Pages 27 p.
Series REGINA - Arbeitspapier, 17
Status Published Version
Licence Deposit Licence - No Redistribution, No Modifications
data provider This metadata entry was indexed by the Special Subject Collection Social Sciences, USB Cologne