Abstract
Purpose– Poverty is one of the most significant economic and social problems that European countries have to face. In recent years, it has become widely accepted that poverty is a multidimensional concept and now many studies use indicators of deprivation to examine the phenomenon. The focus on financial resources alone does not capture people’s quality of life as being poor means a lack of access to resources enabling a minimum standard of living and participation in the society within which one belongs. The paper aims to discuss this issue.Design/methodology/approach– Using a longitudinal component (2006-2010) of EU Statistics on Income and Living Conditions data on 26 European countries, the author apply a second-order confirmatory factor analysis to estimate deprivation. To describe the patterns of change over time and to evaluate the role of household characteristics in deprivation level, the author employ a set of multilevel growth curve models.Findings– Three findings clearly stand out from my analysis. First, there is great variability in deprivation between European countries. Second, European countries show various patterns of change in deprivation over time. Third, households with different characteristics have quite different deprivation levels; moreover, the impact of household characteristics on deprivation can vary over time and between countries.Originality/value– This paper sheds light on the importance of analysing deprivation from a longitudinal perspective and that financial resources alone does not capture people’s quality of life.
Highlights
The Occupational Pension Schemes (Scheme Administration) Regulations 1996 (“the Administration Regulations”) require the Trustees to prepare an annual statement regarding governance, which should be included in the annual report
The Corporate Trustee are responsible for investment governance, this includes the Corporate Trustee reviewing the default arrangement remains in the best interests of the members
When the Scheme was originally established the Corporate Trustee took professional advice and selected a pension scheme where the With-Profits Fund was the only available investment fund option available to members. This was originally with Friends Life, who were acquired by Aviva Life & Pensions UK Limited (Aviva) in 2015, all policies, assets and liabilities of Friends Life were transferred and completed by 1 October 2017
Summary
The Occupational Pension Schemes (Scheme Administration) Regulations 1996 (“the Administration Regulations”) require the Trustees to prepare an annual statement regarding governance, which should be included in the annual report. When the Scheme was originally established the Corporate Trustee took professional advice and selected a pension scheme where the With-Profits Fund was the only available investment fund option available to members. The Corporate Trustee monitors the level of charges borne by members through the Conventional With-Profits Fund. When assessing the charges and transaction costs which are payable by members, the Corporate Trustee is required to consider the extent to which the investment options and the benefits offered by the Scheme represent good Value for Members. - The Conventional With-Profits Fund differs from a unit linked policy in that it is not totally reliant on the current value of the underlying assets This type of fund offers an underlying guarantee that provides a cushion against falling investment markets in certain circumstances. The Corporate Trustee will be reviewing the membership profile as part of the Scheme Review to ensure that this fund continues to be suitable for the membership
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