Reaffirming public‐private partnerships in retirement pension provision

Contemporary debates over the future direction of retirement pensions policy have been dominated by a polemic over the scope of, and the future balance between, the respective roles of public and private sectors in the management and delivery of benefit “entitlements”. This debate has negatively judged the institutional capacity of the state sustainably to supply adequate national retirement provision. This development is viewed as problematic as it is contentious in that it seeks to abandon lessons learned from the long, albeit currently underestimated, historical pedigree of public‐private partnership in institutional pensions provision. Against the ascendancy of World Bank‐driven attitudes regarding the limitations of “public”’ pensions provision, it is argued that due recognition be given to the ongoing capacity of state sectors to contribute positively to the management and delivery of old‐age pensions. Argues further that the social welfare‐driven imperatives which led states initially to become increasingly more involved in national pensions provision remain no less salient today and for the future, and are particularly salient for developing economies with poorly developed private financial sectors.