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What Are Occupational Pension Plan Entitlements Worth in Britain?

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  • Disney, Richard
  • Whitehouse, Edward

Abstract

The 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 Info

Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 63 (1996)
Issue (Month): 250 (May)
Pages: 213-38

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Handle: RePEc:bla:econom:v:63:y:1996:i:250:p:213-38

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Citations

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Cited by:
  1. 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.
  2. Richard Disney & Carl Emmerson, 2002. "Choice of pension scheme and job mobility in Britain," IFS Working Papers W02/09, Institute for Fiscal Studies.
  3. 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.
  4. repec:ese:iserwp:2005-01 is not listed on IDEAS
  5. 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.
  6. Richard Disney & Carl Emmerson & Gemma Tetlow, 2007. "What is a public sector pension worth?," IFS Working Papers W07/17, Institute for Fiscal Studies.
  7. repec:ese:iserwp:2009-14 is not listed on IDEAS
  8. Richard Disney, 2006. "Macroeconomic Performance and the Design of Public Pension Programmes," The Economic and Social Review, Economic and Social Studies, vol. 37(2), pages 175-195.
  9. Richard Disney, 1996. "Ageing and saving," Fiscal Studies, Institute for Fiscal Studies, vol. 17(2), pages 83-101, May.
  10. 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).
  11. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
  12. Richard Disney & Carl Emmerson & Sarah Smith, 2004. "Pension Reform and Economic Performance in Britain in the 1980s and 1990s," NBER Chapters, in: Seeking a Premier Economy: The Economic Effects of British Economic Reforms, 1980-2000, pages 233-274 National Bureau of Economic Research, Inc.
  13. Palacios, Robert & Whitehouse, Edward, 2006. "Civil-service pension schemes around the world," MPRA Paper 14796, University Library of Munich, Germany.
  14. Marco Francesconi & Holly Sutherland & Francesca Zantomio, 2011. "A comparison of earnings measures from longitudinal and cross‐sectional surveys: evidence from the UK," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 174(2), pages 297-326, 04.
  15. Disney, Richard & Whitehouse, Edward, 1992. "The personal pensions stampede," MPRA Paper 10476, University Library of Munich, Germany.

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