Dr Blake provides an up-to-date analysis of the historical development of pensions, the characteristics of current pension schemes, and the investment behaviour and performance of pension funds. He explains how the government has influenced the development of private schemes, and examines the full range of pension schemes operating in the UK today. Some important public policy issues facing pension schemes are investigated: the demographic time-bomb, the future of tax benefits enjoyed by schemes, the ownership of pension assets and surpluses, and the differential treatment of men and women. The author explores the consequences of pension fund behaviour and performance for capital markets. Developments taking place in Europe and the US are also examined.