Contracting-Out and Lifetime Redistribution in the UK State Pension System
AbstractThe redistributive potential of state intervention is limited by the ability of individuals to contract-out of public provision. This issue is examined in the context of the UK pension scheme, using evidence for a cohort of men drawn from a sample of over 30,000 simulated individual lifetime earnings profiles using Family Expenditure Survey data. The results show that the ability to contract out affects the dispersion of rates of return on pension contributions and reduces the redistributive impact of the pension benefit-contribution formula. Furthermore, under plausible assumptions, individuals who contract-out receive higher rates of return on their contributions an contracted-in pensioners, and higher returns than they themselves would have received had they remained contracted-in. Copyright 1993 by Blackwell Publishing Ltd
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Bibliographic InfoArticle provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.
Volume (Year): 55 (1993)
Issue (Month): 1 (February)
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- 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.
- 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.
- Andrew A. Samwick, 1997.
"Discount Rate Heterogeneity and Social Security Reform,"
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6219, National Bureau of Economic Research, Inc.
- Samwick, Andrew A., 1998. "Discount rate heterogeneity and social security reform," Journal of Development Economics, Elsevier, vol. 57(1), pages 117-146, October.
- Disney, Richard & Whitehouse, Edward, 1992. "The personal pensions stampede," MPRA Paper 10476, University Library of Munich, Germany.
- Dilnot, Andrew & Disney, Richard & Johnson, Paul & Whitehouse, Edward, 1994. "Pensions policy in the UK: An economic analysis," MPRA Paper 10478, University Library of Munich, Germany.
- 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.
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