This book 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…mehr
This book 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.
Amanda Cooke has worked as a pensions lawyer since qualifying as a Scottish solicitor more than twenty years ago. During her career, Amanda advised on many commercial legal issues relating to pension schemes and benefits, including issues arising from the implementation of auto enrolment in the UK. Her work advising on auto enrolment motivated her to do more research on the subject. From 2012 to 2016 Amanda undertook a PhD at the University of Edinburgh, on the subject of Auto-Enrolment in Workplace Pensions, and thereafter worked as a lecturer in the centre for commercial law. Despite recently moving back to commercial law as an inhouse lawyer for a financial institution, Amanda retains links with the University of Edinburgh as a guest lecturer.
Inhaltsangabe
1. An Introduction to the Work I. Background II. Pensions A. Public Sector Pensions B. Private Pensions: Occupational Pension Schemes 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. Conclusion 2. Introduction of Auto-Enrolment to the UK I. Auto-Enrolment and Parliamentary Intent A. Increase Saving by Default B. Prevent a Reduction in Existing Pension Benefits or Levelling Down C. Education of the Workforce D. Private Pension Saving Compatible with State Benefits II. Legislative Reality III. Post Implementation Legislative Changes A. Value B. Costs and Charges C. Scheme Governance D. Master Trusts E. Taking Pension Benefits IV. Conclusion 3. Legal Paternalism and the Auto-Enrolment Regime I. Introduction II. Autonomy v Law III. Legal Paternalism A. The Rise of Paternalistic Legislation IV. Soft Paternalism or Nudge V. Paternalism and Contracts VI. Intention of Legal Intervention VII. Proof and Value Measurement VIII. Conclusion 4. The Role of Behavioural Economics in Legal Intervention I. Introduction II. Behavioural Economics A. Inertia and Procrastination B. Framing and Presentation C. Social Influences D. Difficulties in Assessing Probability III. The Influence of Behavioural Economics on Law and Policy IV. Regulatory Intervention and Choice Architecture A. Policy of Legal Paternalism B. Choice Architects C. Alternatives to Soft Paternalism/Choice Architecture V. Auto-Enrolment as Choice Architecture A. Auto-Enrolment B. Opting-out C. Defaults D. Auto-Enrolment and Behavioural Bias E. Framing and Disclosure VI. Conclusion 5. Empirical Research Findings I. Introduction to the Research II. Research Design and Methodology III. Findings A. Action B. Barriers to Decisions C. Intervention and Implementation D. Engagement and Understanding E. Trust IV. Conclusion A. Choice and Defaults B. Understanding C. Information D. Individual Perception of Auto-Enrolment E. The Employee/Employer Relationship and Auto-Enrolment F. Impact of Gender and Age G. Negative or Unforeseen Consequences of Auto-Enrolment 6. Unintended Consequences: Remedies I. Introduction II. Fiduciary Duties Owed to Employees A. When Do Fiduciary Obligations Exist? B. The Consequences of Fiduciary Obligations III. Duties Owed by the Employer as an Agent A. The Agency Relationship B. Consequences of Agency IV. Duties Arising from the Contract of Employment A. Implied Terms B. Auto-Enrolment Compliance and the Contract of Employment V. Duties Owed to the Employee by the Pension Provider or Advisors A. Provision of Advice B. Misunderstandings and Mis-statements C. Third Party Liability D. Reliance on Financial Regulation VI. Conclusion 7. Conclusion I. Why Do We Have Auto-Enrolment? A. The Ageing Population B. Combat Behavioural Traits II. Choice Architecture and Justification A. Intervention not Persuasion B. Behavioural Economics III. Has Legislative and Practical Implementation Reflected the Policy Intention? A. Defaults B. Employer Discretion C. Communication and Active Choice IV. Are There Unforeseen or Unintended Consequences and How Do These Affect Justification for Legal Intervention? A. Barriers and Misunderstandings B. Reliance on Defaults C. Advice D. Detriment and Responsibility E. Social Costs and Remedies
1. An Introduction to the Work I. Background II. Pensions A. Public Sector Pensions B. Private Pensions: Occupational Pension Schemes 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. Conclusion 2. Introduction of Auto-Enrolment to the UK I. Auto-Enrolment and Parliamentary Intent A. Increase Saving by Default B. Prevent a Reduction in Existing Pension Benefits or Levelling Down C. Education of the Workforce D. Private Pension Saving Compatible with State Benefits II. Legislative Reality III. Post Implementation Legislative Changes A. Value B. Costs and Charges C. Scheme Governance D. Master Trusts E. Taking Pension Benefits IV. Conclusion 3. Legal Paternalism and the Auto-Enrolment Regime I. Introduction II. Autonomy v Law III. Legal Paternalism A. The Rise of Paternalistic Legislation IV. Soft Paternalism or Nudge V. Paternalism and Contracts VI. Intention of Legal Intervention VII. Proof and Value Measurement VIII. Conclusion 4. The Role of Behavioural Economics in Legal Intervention I. Introduction II. Behavioural Economics A. Inertia and Procrastination B. Framing and Presentation C. Social Influences D. Difficulties in Assessing Probability III. The Influence of Behavioural Economics on Law and Policy IV. Regulatory Intervention and Choice Architecture A. Policy of Legal Paternalism B. Choice Architects C. Alternatives to Soft Paternalism/Choice Architecture V. Auto-Enrolment as Choice Architecture A. Auto-Enrolment B. Opting-out C. Defaults D. Auto-Enrolment and Behavioural Bias E. Framing and Disclosure VI. Conclusion 5. Empirical Research Findings I. Introduction to the Research II. Research Design and Methodology III. Findings A. Action B. Barriers to Decisions C. Intervention and Implementation D. Engagement and Understanding E. Trust IV. Conclusion A. Choice and Defaults B. Understanding C. Information D. Individual Perception of Auto-Enrolment E. The Employee/Employer Relationship and Auto-Enrolment F. Impact of Gender and Age G. Negative or Unforeseen Consequences of Auto-Enrolment 6. Unintended Consequences: Remedies I. Introduction II. Fiduciary Duties Owed to Employees A. When Do Fiduciary Obligations Exist? B. The Consequences of Fiduciary Obligations III. Duties Owed by the Employer as an Agent A. The Agency Relationship B. Consequences of Agency IV. Duties Arising from the Contract of Employment A. Implied Terms B. Auto-Enrolment Compliance and the Contract of Employment V. Duties Owed to the Employee by the Pension Provider or Advisors A. Provision of Advice B. Misunderstandings and Mis-statements C. Third Party Liability D. Reliance on Financial Regulation VI. Conclusion 7. Conclusion I. Why Do We Have Auto-Enrolment? A. The Ageing Population B. Combat Behavioural Traits II. Choice Architecture and Justification A. Intervention not Persuasion B. Behavioural Economics III. Has Legislative and Practical Implementation Reflected the Policy Intention? A. Defaults B. Employer Discretion C. Communication and Active Choice IV. Are There Unforeseen or Unintended Consequences and How Do These Affect Justification for Legal Intervention? A. Barriers and Misunderstandings B. Reliance on Defaults C. Advice D. Detriment and Responsibility E. Social Costs and Remedies
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