DC schemes have some substantial weaknesses, and a continuation of current policies will probably lead to another pensions crisis in a few decades.

Following the decline in global equity markets, the rise in bond prices and the downward revisions to assumed mortality rates between 2001 and 2003, the UK's defined benefit (DB)pensions industry went from a situation where surpluses and scheme sponsor contribution holidays were commonplace, to a situation where fund deficits were the norm.

This monograph surveys the results of government intervention in the market for retirement income provision throughout the world. The authors begin by looking at high-income democracies in which governments have, to a large degree, taken over the function of providing pensions.

This article uses the framework of designing a commercial aircraft to illustrate how a personal defined-contribution (DC) pension plan should be designed if it is to achieve its objective of delivering an adequate and secure retirement pension. The article's suggestions are based on similarities between a DC pension plan and an aircraft journey. For example, the strategic investment strategy is analogous to the aircraft, the plan provider is analogous to the aircraft operator, the contributions are analogous to the fuel, and the accumulation and decumulation stages are analogous to the climb and descent stages of the flight. The significant differences that exist between the two concepts are also highly instructive.