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Tax Reform and Retirement Saving Incentives: Take-up of Stakeholder Pensions in the UK

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  • RICHARD DISNEY
  • CARL EMMERSON
  • MATTHEW WAKEFIELD

Abstract

In April 2001, the UK government introduced Stakeholder Pensions - a new private pension arrangement. The reform also changed the structure of tax-relieved pension contribution ceilings, increasing their generosity for lower-earners. We examine the impact of these changes on private pension coverage using individual level data. We use a difference-in-differences strategy with an estimator that is modified to allow for dichotomous outcomes. Contrary to the conventional wisdom that the Stakeholder Pension reforms had little or no impact on saving behaviour, our results indicate that the change to the contribution ceilings affected private pension coverage rates among lower-earners, especially among women. Copyright (c) The London School of Economics and Political Science 2008.

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Bibliographic Info

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

Volume (Year): 77 (2010)
Issue (Month): 306 (04)
Pages: 213-233

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Handle: RePEc:bla:econom:v:77:y:2010:i:306:p:213-233

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Cited by:
  1. Martin Beznoska & Richard Ochmann, 2013. "The interest elasticity of household savings: a structural approach with German micro data," Empirical Economics, Springer, vol. 45(1), pages 371-399, August.
  2. Jarkko Harju, 2012. "Voluntary pension savings and tax incentives: Evidence from Finland," Working Papers 33, Government Institute for Economic Research Finland (VATT).
  3. Hans Fehr & Fabian Kindermann, 2009. "Pension Funding and Individual Accounts in Economies with Life-cyclers and Myopes," CESifo Working Paper Series 2724, CESifo Group Munich.

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