South Africa has one of the world's largest private retirement systems, measured in terms of assets under management.  I spent 5 years advising the National Treasury of South Africa on the reform of this system, reform of social security and various other matters.  Major projects I worked on resulted in a set of default regulations (including the world's first default annuity regulation for defined contribution funds), and a change in the taxation of contributions to retirement funds (including a new method of taxing contributions to defined benefit funds).  This work has directly affected between 10 and 15 million actively-employed people, as well as their dependents.  I also advised the Treasury on social security policy and on the management of the Government Employee's Pension Fund (GEPF), one of the world's largest.  Clicking the image below will take you to the Treasury's retirement reform website where many of the documents we produced can be found.

With Prof Anthony Neuberger, I advised the Pension Protection Fund (the UK equivalent of the PBGC in the US) about their premium structure, in particular the risk-based levy.  Clicking on the link below will take you to their website.  

I wrote several research reports for the Department for Work and Pensions in the UK.  Major reports included an economic analysis of the regulation of pension funds (with Prof Anthony Neuberger), an analysis of investment guarantees in defined contribution pension funds and an analysis of the allocation of pension risks in employment contracts.

Around the time of the independence referendum in Scotland in 2014, I produced a policy paper examining the currency options available to an independent Scotland with Dr Angus Armstrong of the National Institute of Economic and Social Research, in London.