Age, capital, and democracy

Occupational pension schemes are now very big business in the UK. With capital assets totalling over UK120 billion in 1985, they own massive amounts of stocks and shares, property and government debt. This spectacular growth over the last 10 years has significant implications for the distribution of power in modern capitalism. On the level of social policy, the benefits they pay are vital to the well-being of over 10 million members, both current and future pensioners. Employment, social and demographic trends make pension an issue, the political importance of which will certainly increase.