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Pension Incentives and the Pattern of Early Retirement

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Author Info
Richard Blundell (University College London and Institute for Fiscal Studies Financial Services Authority)
Costas Meghir (University College London and Institute for Fiscal Studies Financial Services Authority)
Sarah Smith (University College London and Institute for Fiscal Studies Financial Services Authority)

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Abstract

This mix of state and private pension provision in the United Kingdom provides a rare degree of variation in pension incentives for retirement. Using a sample of individuals from the UK Retirement Survey, the paper models the probability of retirement in terms of the incentives underlying the individual"s pension plan as well as other socio-economic factors. It follows an option value approach and allows a separate role for pension wealth, for spouse"s economic characteristics and for demographic characteristics. It distinguishes between SERPS and private schemes and models eligibility to disability. The results point to significant retirement incentive effects from the pension system. Copyright Royal Economic Society 2002.

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Publisher Info
Article provided by Royal Economic Society in its journal Economic Journal.

Volume (Year): 112 (2002)
Issue (Month): 478 (March)
Pages: C153-C170
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Handle: RePEc:ecj:econjl:v:112:y:2002:i:478:p:c153-c170

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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.:

  1. Meghir, Costas & Whitehouse, Edward, 1997. "Labour market transitions and retirement of men in the UK," Journal of Econometrics, Elsevier, vol. 79(2), pages 327-354, August. [Downloadable!] (restricted)
    Other versions:
  2. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Richard Disney & Costas Meghir & Edward Whitehouse, 1994. "Retirement behaviour in Britain," Fiscal Studies, Institute for Fiscal Studies, vol. 15(1), pages 24-43, February.
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Cited by:
(explanations, 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.)

  1. Jeff Borland, 2005. "Transitions to Retirement: A Review," Melbourne Institute Working Paper Series wp2005n03, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
  2. Randall K. Filer & Marjorie Honig, 2005. "Endogenous Pensions and Retirement Behavior," Hunter College Department of Economics Working Papers 410, Hunter College: Department of Economics. [Downloadable!]
    Other versions:
  3. Rob Euwals & Daniel J. van Vuuren & Ronald P. Wolthoff, 2006. "Early Retirement Behaviour in the Netherlands: Evidence from a Policy Reform," Tinbergen Institute Discussion Papers 06-021/3, Tinbergen Institute. [Downloadable!]
    Other versions:
  4. Edwin van Gameren, 2008. "Labor Force Participation of Mexican Elderly: The Importance of Health," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 23(1), pages 89-127. [Downloadable!]
  5. repec:ese:iserwp: is not listed on IDEAS
  6. Richard Disney & Carl Emmerson & Matthew Wakefield, 2003. "Ill health and retirement in Britain: a panel data based analysis," IFS Working Papers W03/02, Institute for Fiscal Studies. [Downloadable!]
    Other versions:
  7. James Banks & Carl Emmerson & Gemma Tetlow, 2005. "Estimating pension wealth of ELSA respondents," IFS Working Papers W05/09, Institute for Fiscal Studies. [Downloadable!]
  8. Anne Møller Danø & Mette Ejrnæs & Leif Husted, 2004. "Do Single Women Value Early Retirement more than Single Men?," CAM Working Papers 2004-06, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics. [Downloadable!]
  9. Nigel Rice & Jennifer Roberts & Andrew M. Jones, 2007. "Sick of work or too sick to work? Evidence on health shocks and early retirement from the BHPS," Working Papers 2007002, The University of Sheffield, Department of Economics, revised Jan 2007. [Downloadable!]
    Other versions:
  10. Adriaan Kalwij & Frederic Vermeulen, 2005. "Labour Force Participation of the Elderly in Europe: The Importance of Being Healthy," IZA Discussion Papers 1887, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  11. Kalwij, Adriaan & Vermeulen, Frederic, 2006. "Health and labor force participation of the elderly in Europe : what do objective health measures add to the analysis?," Discussion Paper 87, Tilburg University, Center for Economic Research. [Downloadable!]
  12. Adriaan Kalwij & Frederic Vermeulen, 2008. "Health and labour force participation of older people in Europe: What do objective health indicators add to the analysis?," Health Economics, John Wiley & Sons, Ltd., vol. 17(5), pages 619-638. [Downloadable!]
  13. Cristina Hernández-Quevedo & Andrew M. Jones & Nigel Rice, 2007. "Persistence in health limitations: a European comparative analysis," Health, Econometrics and Data Group (HEDG) Working Papers 07/03, HEDG, c/o Department of Economics, University of York. [Downloadable!]
  14. Richard Blundell & Carl Emmerson, 2003. "Fiscal effects of reforming the UK state pension system," IFS Working Papers W03/13, Institute for Fiscal Studies. [Downloadable!]
  15. Carl Emmerson & Howard Reed & Andrew Shephard, 2004. "An assessment of PenSim2," IFS Working Papers W04/21, Institute for Fiscal Studies. [Downloadable!]
  16. Federico Biagi & Danilo Cavapozzi & Raffaele Miniaci, 2007. "Technology, Skills and Retirement," "Marco Fanno" Working Papers 0042, Dipartimento di Scienze Economiche "Marco Fanno". [Downloadable!]
  17. Diana Warren & Umut Oguzoglu, 2007. "Retirement in Australia: A Closer Look at the Financial Incentives," Melbourne Institute Working Paper Series wp2007n24, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
  18. Matthias Deschryvere, 2004. "Health and Retirement. An Update of the Literature," Discussion Papers 932, The Research Institute of the Finnish Economy. [Downloadable!]
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