What Are Occupational Pension Plan Entitlements Worth in Britain?
AbstractThe acquisition of rights by workers in private pension plans underpins retirement behavior, recruitment policy, and wage structure but there is controversy as to how these individual pension rights should be valued. The paper combines four data-sets to calculate pension entitlements for a sample of 3,000 British workers in 1987. Expected scheme tenure is a key variable in valuation; younger workers and women face greater initial uncertainty as to their pension outcomes, which is resolved as job tenure lengthens. Given the distribution of tenure durations, many employees would obtain higher returns in defined contribution schemes than in a typical final-salary-defined benefit plan. Copyright 1996 by The London School of Economics and Political Science.
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 63 (1996)
Issue (Month): 250 (May)
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- Richard Disney & Carl Emmerson & Sarah Smith, 2004.
"Pension Reform and Economic Performance in Britain in the 1980s and 1990s,"
in: Seeking a Premier Economy: The Economic Effects of British Economic Reforms, 1980-2000, pages 233-274
National Bureau of Economic Research, Inc.
- Richard Disney & Carl Emmerson & Sarah Smith, 2003. "Pension Reform and Economic Performance in Britain in the 1980s and 1990s," NBER Working Papers 9556, National Bureau of Economic Research, Inc.
- Blake, David, 1998. "Pension schemes as options on pension fund assets: implications for pension fund management," Insurance: Mathematics and Economics, Elsevier, vol. 23(3), pages 263-286, December.
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- Richard Disney & Carl Emmerson & Gemma Tetlow, 2009.
"What is a Public Sector Pension Worth?,"
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- Whitehouse, Edward, 2000. "Paying for pensions: An international comparison of administrative charges in funded retirement-income systems," MPRA Paper 14171, University Library of Munich, Germany.
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- Danzer, Alexander M. & Dolton, Peter, 2011. "Total Reward in the UK in the Public and Private Sectors," IZA Discussion Papers 5656, Institute for the Study of Labor (IZA).
- Richard Disney & Carl Emmerson, 2002. "Choice of pension scheme and job mobility in Britain," IFS Working Papers W02/09, Institute for Fiscal Studies.
- Richard Disney, 1996. "Ageing and saving," Fiscal Studies, Institute for Fiscal Studies, vol. 17(2), pages 83-101, May.
- Whitehouse, Edward, 2000.
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- Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
- Marco Francesconi & Holly Sutherland & Francesca Zantomio, 2011.
"A comparison of earnings measures from longitudinal and cross‐sectional surveys: evidence from the UK,"
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- Richard Disney & Robert Palacios & Edward Whitehouse, 1999. "Individual choice of pension arrangement as a pension reform strategy," IFS Working Papers W99/18, Institute for Fiscal Studies.
- Disney, Richard & Whitehouse, Edward, 1992. "The personal pensions stampede," MPRA Paper 10476, University Library of Munich, Germany.
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