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Pension financialization and workplace pension wealth inequality: evidence from Britain

Our article with @hulya-dagdeviren.bsky.social and Ben Tippet is out in Socio-Economic Review! We examine pension financialisation and pension wealth inequality in the UK — focusing on how the rise of Defined Contribution (DC). academic.oup.com/ser/advance-...

academic.oup.com

Abstract. The growth of Defined Contribution (DC) pensions, in which retirement depends on individual savings and financial market investments, has been a

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👉The bottom line: DC pensions, as currently designed in the UK, are not only insufficient for many — they may also be associated with higher inequality.

Using the ONS Wealth and Assets Survey and quantile regressions, we find DC pensions are associated with a more unequal pension wealth distribution. We identify four contributing factors (show in the figure) and find some corroborating evidence for them.

While automatic enrolment has increased pension coverage, there are recognised concerns about the adequacy of DC pensions. We go further and highlight their distributional effects: how they may be associated with higher pension wealth inequality.

Pension financialization and workplace pension wealth inequality: evidence from Britain

academic.oup.com

Abstract. The growth of Defined Contribution (DC) pensions, in which retirement depends on individual savings and financial market investments, has been a

21811

Bruno Bonizzi @bbonizzi.bsky.social · 20/10/2025

Macquarie buying London City airport. Let's check on their recent performance in buying London infrastruct.. oh no!

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Bruno Bonizzi @bbonizzi.bsky.social · 29/09/2025

Very interesting article. Really shows that any talk of pension funds funding a just transition (and other nice things) means by-passing the large asset managers. For most people contributing to individual pension pots, this may not even be a possibility.

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Reposted by Bruno Bonizzi

Inga Rademacher @ingarade.bsky.social · 22/09/2025

We are organising a small lecture series at CITYPERC this semester on "Financial Futures: Tech, Green Transitions, China and the Global South" with four brilliant speakers: @nataschavanderzwan.bsky.social, @johannespetry.bsky.social, David Kampmann and @bbonizzi.bsky.social

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Reposted by Bruno Bonizzi

Annina Kaltenbrunner @anninak.bsky.social · 19/08/2025

It's an incredible honour to receive this prize for policy relevant economic research. Big thanks go to my collaborators and co-thinkers on this exciting journey @bbonizzi.bsky.social @powelljr.bsky.social @iliasalami.bsky.social @ingridhk.bsky.social @kaikodden.bsky.social @cacrisalves.bsky.social

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Bruno Bonizzi @bbonizzi.bsky.social · 22/07/2025

If it just focuses on individual incentives and characteristics and tries to fix it with further nudging, it won't fix the fundamental problem that most private sector workers in this country are not really building pensions, but a poorly funded individual savings account.

Bruno Bonizzi @bbonizzi.bsky.social · 22/07/2025

"It will examine the pension system as a whole and look at what is required to build a future-proof pensions system that is strong, fair and sustainable." Good. But need to look at 1) labour markets inequalities 2) the inadequacy of DC Vs DB pensions and 3) employers contribute too little.

Bruno Bonizzi @bbonizzi.bsky.social · 22/07/2025

The pensions commission is back, with a focus on pensions outcomes. It looks promising on paper, but the focus on individual saving is a bit problematic. "The relaunched Commission will explore the complex barriers stopping people from saving enough for retirement" www.gov.uk/government/n...

gov.uk

Government revives landmark Pensions Commission to confront retirement crisis that risks tomorrow’s pensioners being poorer than today’s

Millions of people could benefit from a more secure retirement as the Government today [Monday 21 July 2025] revives the landmark Pensions Commission to examine why tomorrow’s pensioners are on track ...

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Bruno Bonizzi @bbonizzi.bsky.social · 08/07/2025

Less goth but the nerdy bit is I guess needed for academics...

Bruno Bonizzi @bbonizzi.bsky.social · 29/05/2025

Very good piece by @craigpberry.bsky.social on the pensions review. Scale is fine, but financial system structure is a bigger issue. Forcing pension funds into PE is not the best way to promote growth in the UK. Resonates with the work we did with @redjen.bsky.social and @sahildutta.bsky.social

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Bruno Bonizzi @bbonizzi.bsky.social · 14/05/2025

Where "woke" simply means any sort of ESG (which is a limited form of sustainability anyway...).

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Bruno Bonizzi @bbonizzi.bsky.social · 08/05/2025

Hard to qualify this as "historic" though... just an oderly retreat to minimise losses on a minor scale.

Bruno Bonizzi @bbonizzi.bsky.social · 29/04/2025

Weak gaslighting effort with poor timing: this year bills are rising by 40% on average.

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Bruno Bonizzi @bbonizzi.bsky.social · 29/04/2025

Blair's opportunism is not tactical it's his essence.

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Bruno Bonizzi @bbonizzi.bsky.social · 28/04/2025

Maybe a bit of respite for UK HE's gloomy environment...?

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Bruno Bonizzi @bbonizzi.bsky.social · 09/04/2025

💯 (Especially if you make it an individual responsibility)

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Bruno Bonizzi @bbonizzi.bsky.social · 31/03/2025

Our report is finally officially out! It deals with how MDBs can help with sustainable forms of finance, i.e. by lending in the local currency of recepient borrowers in developing countries. Summary 👇

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Bruno Bonizzi @bbonizzi.bsky.social · 12/03/2025

Or dubious quality think-tanks like Labour together

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Bruno Bonizzi @bbonizzi.bsky.social · 11/03/2025

UK minister in ‘active discussions’ with pension funds to invest more in private markets - on.ft.com/4bLiJsv via @FT Given how PE is doing this encouragement is basically offering an escape route to other investors, at the pension scheme members' expense.

on.ft.com

UK minister in ‘active discussions’ with pension funds to invest more in private markets

Torsten Bell says government is ‘encouraging, not instigating’ investment in wider range of assets

Bruno Bonizzi @bbonizzi.bsky.social · 07/03/2025

Three positives of Trump: 1) UK can get closer to the EU without provoking Brexit betrayal narratives. 2) Germany doing public spending 3) Private Equity funds going down

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Bruno Bonizzi @bbonizzi.bsky.social · 07/03/2025

Communication/GPS availability..?