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SUMMARY:The Scottish Ministers' Widows' Fund: the world’s first soundly-
 funded pension plan - David Pitt-Watson\, Judge Business School
DTSTART:20190128T170000Z
DTEND:20190128T183000Z
UID:TALK116506@talks.cam.ac.uk
CONTACT:Dr Duncan Needham
DESCRIPTION:Today\, private pension provision\, that is saving which will 
 produce a predictable retirement income\, is by far the largest financial 
 asset of British households.  Indeed it represents more than half of all h
 ousehold financial wealth.  Yet as university staff are all too aware\, th
 e system is faltering.  This presentation will study what may have been th
 e first successful funded pension in the world – the Scottish Ministers'
  Widows' Fund.  It is often overlooked in financial histories.  It was est
 ablished in 1743\, and lasted for 250 years.\n\nThe presentation will desc
 ribe how the fund came about\, and the techniques its promoters used\, inc
 luding the calculation of liabilities\, (e.g. the first use of life tables
 )\, the management of moral hazard\, the investment strategy\, the adminis
 trative system\, the governance and the management of costs etc.  It will 
 also look at how it was able to overcome the difficulties which had underm
 ined earlier initiatives.  And it will touch on the lessons we might learn
  for the design of pension funds today if we are to maximize the value of 
 Britain's greatest financial asset\, and the enormous benefits which might
  accrue if we did.\n
LOCATION:Darwin College\, Old Library
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