Economic, cultural, and social factors related to the convergence of private sector pension plans and provisions in the United States, Canada, Australia, Britain, and Japan

The purpose of this research is to investigate what factors impact on the convergence of private sector pension plans and provisions in the United States (U.S.) Canada, Australia, Britain, and Japan. Evidence of the convergence exists in the increasing similarity of private sector pension laws, regulations, and policies in the countries.;This research focuses on public pension systems, the similarities between them, and explanations of the similarities. This is an essential foundation for the study of the private sector pension plans for two reasons: (1) previous research related to the convergence has focused exclusively on public sector pension plans and provisions; and (2) such research has not focused on public and private sector pension plans as part of an integrated national pension scheme.;The private sector pension plans and provisions in each of the countries as well as any shifts of responsibility between the public and/or private pension plans are reviewed. Research findings are particularly important because of the aging of the populations in developed countries, the related national fiscal impact on government public pension plans, and the desire of governments to shift the increasing public retirement expense to the private sector and the prospective retirees. It is also important because finding factors related to the convergence could offer predictive insights for the future of private sector pension plans and provisions in the countries studied and for other countries.;The research reviews international demographics relating to population growth and aging and then examines two approaches to the theory of convergence in relation to private sector pension plans and provisions. First, are the driving forces behind the convergence ideological or economic? Second, to what extent do social welfare policies and cultural differences impact on convergence? This research theorizes that economic rather than ideological events or social and cultural factors have caused the convergence of private sector pension plans and provisions in the countries. The research draws out what factors impact on the consideration or establishment of private sector pension plans for purposes of predicting what provisions will be of interest to countries as cost reduction activities in a period of rapidly rising national retirement costs.