Modelling the Investment Behaviour of the UK Pension Funds Available to Purchase

Nowadays the provision of a pension is regarded as commonplace; it is felt incumbent upon society to provide an income for those it considers ‘too old’ to be further gainfully employed. Yet only a century ago — a mere three generations — the provision of a pension was regarded as a luxury only available for a lucky few. Indeed, this change in social attitude has been far more noticeable in the post‐1945 period than before. Nonetheless, the task of this paper is not to consider the causes of such social change, but rather the effects.