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Privatising provision and attacking poverty? The direction of UK Pension Policy under new Labour

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  • CLARK, TOM
  • EMMERSON, CARL

Abstract

This paper analyses the thrust of the UK Government's pension reforms in the context of the system they inherited. The reforms represent continuity with what went before in seeking to continue the privatisation of pension provision, but herald a new emphasis on pensioner poverty reduction. There is a clear broad strategy even though not all of the reforms fit obviously within it – a generous means-tested system, extensive private provision and a diminished contributory pension. In the long term, this strategy has advantages in terms of containing public sector liabilities, but involves further downgrading the contributory principle. It will also affect the incentive to save for many individuals. Individuals currently on means-tested benefits will be able to keep more of their savings as a result of the reform. But those currently outside the means-tested benefit regime who expect to be brought into it as a result of the reforms will face a diminished incentive to save.

Suggested Citation

  • Clark, Tom & Emmerson, Carl, 2003. "Privatising provision and attacking poverty? The direction of UK Pension Policy under new Labour," Journal of Pension Economics and Finance, Cambridge University Press, vol. 2(1), pages 67-89, March.
    • Handle: RePEc:cup:jpenef:v:2:y:2003:i:01:p:67-89_00
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    Cited by:

    1. Richard Blundell & Carl Emmerson, 2007. "Fiscal Effects of Reforming the UK State Pension System," NBER Chapters, in: Social Security Programs and Retirement around the World: Fiscal Implications of Reform, pages 459-502, National Bureau of Economic Research, Inc.
    2. Simonovits, András, 2008. "Keresetbevallás és nyugdíj - egy elemi modell [Reporting earnings and pension benefits: an elementary model]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 427-440.
    3. Andras Simonovits, 2009. "Underreported earnings and age-specific income redistribution in post-socialist economies," CERS-IE WORKING PAPERS 0927, Institute of Economics, Centre for Economic and Regional Studies.
    4. Simonovits, András, 2009. "Keresetbevallás és újraelosztás az együttélő nemzedékek modelljében [Underreported earnings and redistribution in the overlapping-generations model]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 101-118.
    5. James Banks & Carl Emmerson & Gemma Tetlow, 2005. "Estimating pension wealth of ELSA respondents," IFS Working Papers W05/09, Institute for Fiscal Studies.
    6. Andras Simonovits, 2012. "Means-tested or Flat Pension? Pension Credit," CERS-IE WORKING PAPERS 1221, Institute of Economics, Centre for Economic and Regional Studies.
    7. Simonovits, András, 2004. "Banyár József-Mészáros József: Egy lehetséges és kívánatos nyugdíjrendszer. Budapest, Gondolat, 2003, 240 oldal [József Banyár and József Mészáros: A possible and desirable pension system. Budapest," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 187-190.
    8. Andras Simonovits, 2008. "Underreported Earnings and Old-Age Pension: An Elementary Model," CERS-IE WORKING PAPERS 0805, Institute of Economics, Centre for Economic and Regional Studies.
    9. Simonovits, András, 2011. "Rászorultsági vagy alapnyugdíj? Nyugdíjjóváírás? [Means-tested or flat pension? Pension credit]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 301-313.

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