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An investigation of policy incentives for delaying public pension benefit claims

Author

Listed:
  • Tomoki Kitamura
  • Kunio Nakashima

Abstract

Purpose - The purpose of this study is to examine the potential and cost of policy incentives for individuals to defer public pension (social security) claims. Design/methodology/approach - Using Internet survey experiments, the impacts of introducing three potential policies to defer public pension claims are examined: (1) a tax incentive for private term pension premiums, (2) a tax incentive for private term pension benefits and (3) a tax disincentive for financial asset holdings. Effectiveness of information provision regarding projection of future financial assets is also examined. Findings - Tax incentives have a certain impact on deferment of public pension claims. Among incentives, increase of benefits is the most effective one. Providing information regarding future financial assets reduces incentives. Originality/value - This study is original in measuring cost for delaying public pension claims according to incentives and information provision.

Suggested Citation

  • Tomoki Kitamura & Kunio Nakashima, 2020. "An investigation of policy incentives for delaying public pension benefit claims," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 13(2), pages 109-124, April.
    • Handle: RePEc:eme:rbfpps:rbf-09-2019-0117
    DOI: 10.1108/RBF-09-2019-0117
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    More about this item

    Keywords

    Public pension; Benefits claim deferment; Policy incentives; Household behavior; D14; H31; H55;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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