Occupational pension schemes in the public and private sectors in the United Kingdom has experienced steady divergence in prevalence and value over the years and has become a topic of considerable importance. Differences in the value of pension provision could magnify or reduce the set divergence in current pay values between both sectors and this has been an area of significant interest in recent years because of the well-documented decline in the number of defined-benefit pension schemes available in the private sector and particularly those, which are still open for the new participants. It is quite well known that in the UK, the defined benefit pension scheme i.e. DB is widespread more in public sector compared to the private sector as a lot of existing works have been done on this particular area by pension actuaries and experts.Therefore, this project research focus is to examine and highlight the differences between defined benefits and defined contribution in the pension schemes of UK and will also specifically follow the gradual shift from DB to DC in the pension schemes of UK’s public and private sectors.
Structure of the Research
The structure of the project research is as follows:
Introduction - This chapter provides an overview of occupational pension value in the public and private sectors and also gives introduction in regards with the main purpose, focus, framework and analysis.
Literature Review – This chapter of the dissertation offers a theoretical background for the study. It involves the work done by authors and scholars in relation with the topic of the research. In this project research study also, the literature review section provides information about different types of occupational pension schemes being available to the workers in the public sectors.
Research Methodology – This section is considered as one of the crucial and vital part of the whole report, as it offers various methodologies to be used in the research. It entailsstrategies in regards with collection of data, their analysis, sampling techniques, research approach and design etc.
Data Analysis & Findings – In this chapter, the data being accumulated in the previous chapter are evaluated and analyzed in order to make further interpretation. Most of the analysis to be done in this project research would be descriptive as I look to examine and build more on existing theories and also the use of themes in the analysis of responses collated from study questionnaire.
Conclusions & Recommendations –Here, the objectives of the research are matched with the final findings and recommendations are also being suggested for further improvements.
Focus and Purpose of Research
This project research would focus on examining the differences in remuneration values, pension rights accruals, accessibility and shifts in pension scheme participation in occupational pension within the public and private sectors.
Aim – The main aim of this study is to examine and highlight on the shift from defined benefits (DB) to defined contribution (DC) in the pension schemes of UK’s public and privat