A relational account of the valuation and management of UK defined benefit pension funds (1948-2008)

paper provides an account of the rise and decline of UK defined benefit pension provision. A relational model of economic agency is introduced in which the agent; the pension fund manager (PFM), uses ambiguity to mediate between shareholders and members; two principals with conflicting objectives. The evolution of financial accounting both requires feedback to be provided by professional working within client firms, leading to the emergence of the PFM's role, and introduces performance measures which constrain the PFM. Four eras in pension fund financial accounting are related to four eras in the setting of pension fund investment policy.