Gordon L. Clark|Emiko Caerlewy?Smith|John C. Marshall
The consistency of UK pension fund trustee decision-making
Harvard University|University of Oxford|University of Oxford
important research programme social sciences concerns theory practice individual decisionmaking conditions risk uncertainty time apparent western governments increasingly rely upon individuals plan maintain savings programmes meet income aspirations longterm retirement income outside welfare state depends great deal competence consistency individual decisionmaking paper use set problems requiring techniques judgement test consistency trustee decisionmaking respondents group trustees drawn select uk defined benefit pension plans compared larger group oxford undergraduates found many respondents inconsistent across related problems requiring application probabilistic judgement also shown trustees consistent many undergraduates appears trustee education professional qualifications make positive difference consistent decisionmaking challenging test depends upon understanding relationship demographic ageing immigration financing payasyougo social security suggests substantive knowledge consistency judgement crucial components expertise implications drawn trustee institution wider debate role significance individual decisionmaking respect income aspirations