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Pension Provision and Retirement Saving: Lessons from the United Kingdom

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Author Info

  • Richard Disney
  • Carl Emmerson
  • Matthew Wakefield

Abstract

We describe the trajectory of pension reform in the United Kingdom, which focuses on restraining the cost of the public program as the population ages while maintaining adequate income security for low-income households in retirement. Methods for achieving these aims have been to target public benefits to lowincome households, to permit individuals to opt out of the second tier of the public program into private retirement accounts, and to offer tax incentives to encourage additional private retirement saving. Frequent program reforms raise concerns as to whether households can make reasonable private saving provision in light of the growing complexity and potential shortcomings of individual decision-making. This paper sheds some light on these issues.

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Bibliographic Info

Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 34 (2008)
Issue (Month): s1 (November)
Pages: 155-176

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Handle: RePEc:cpp:issued:v:34:y:2008:i:s1:p:155-176

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Postal: University of Toronto Press Journals Division 5201 Dufferin Street Toronto, Ontario, Canada M3H 5T8
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References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. Kevin Milligan, 2000. "How Do Contribution Limits Affect Contributions to Tax-Preferred Savings Accounts?," Social and Economic Dimensions of an Aging Population Research Papers 27, McMaster University.
  2. Richard Disney & Carl Emmerson & Matthew Wakefield, 2007. "Tax reform and retirement saving incentives: evidence from the introduction of stakeholder pensions in the UK," IFS Working Papers W07/19, Institute for Fiscal Studies.
  3. R Disney & C Emmerson & M Wakefield, 2001. "Pension reform and saving in Britain," Oxford Review of Economic Policy, Oxford University Press, vol. 17(1), pages 70-94, Spring.
  4. Woojin Chung & Richard Disney & Carl Emmerson & Matthew Wakefield, . "Public policy and retirement saving incentives in the UK," Discussion Papers 06/03, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  5. Richard Disney & Carl Emmerson, 2005. "Public pension reform in the United Kingdom: what effect on the financial well-being of current and future pensioners?," Fiscal Studies, Institute for Fiscal Studies, vol. 26(1), pages 55-81, March.
  6. John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2004. "Are Americans Saving "Optimally" for Retirement?," NBER Working Papers 10260, National Bureau of Economic Research, Inc.
  7. Richard Disney & Edward Whitehouse, 1992. "Personal pensions and the review of the contracting-out terms," Fiscal Studies, Institute for Fiscal Studies, vol. 13(1), pages 38-53, February.
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Citations

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Cited by:
  1. Paul Gregg, 2008. "UK Welfare Reform 1996 to 2008 and beyond: A personalised and responsive welfare system?," The Centre for Market and Public Organisation 08/196, Department of Economics, University of Bristol, UK.
  2. Richard Disney & Carl Emmerson & Matthew Wakefield, 2007. "Tax reform and retirement saving incentives: evidence from the introduction of stakeholder pensions in the UK," IFS Working Papers W07/19, Institute for Fiscal Studies.
  3. Cagri Seda Kumru & John Piggott, 2010. "Should Public Retirement Pensions Be Means-tested?," DEGIT Conference Papers c015_049, DEGIT, Dynamics, Economic Growth, and International Trade.

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