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How pensions changed at the end of the last millennium

30 September 2020

September was a satisfying month. I continued my explanation of how UK pension policy has evolved by charting the rise and fall of the gold-standard private sector pension scheme. A discussion with people who have long pension memories on LinkedIn revealed how the changes over the course of the 1990s turned defined benefit pension from…

The rise and fall of the gold-standard pension scheme – part three

29 September 2020

In my last post, I discussed how the introduction of new accounting standards at the start of the millennium cemented the fate of the private sector defined benefit pension scheme. This post continues this discussion explaining how to value future liabilities and why the new rules caused conniption fits among finance directors and shareholders. I…

The rise and fall of the gold-standard pension scheme – part two

10 September 2020

In the last post, I discussed how changes during the 1990s turned defined benefit pension from a useful recruiting tool into an expensive liability. By the end of the decade many companies chose to close these schemes to new members. At the start of the millennium, however, changes to national accounting standards made many choose…