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Tax relief and partnership pensions

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  • Phil Agulnik
  • Julian Le Grand
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    Abstract

    Government support of private (occupational and personal) pensions through tax relief is an important element in the UK’s retirement income system. However, the current tax relief system is regressive, lacks transparency and is difficult to control. This paper argues that it should be replaced by a cost-neutral matching-grant or tax-credit scheme. Such a scheme would embody the ‘partnership’ idea implicit in much government policy in this area, but would be much more progressive, more open and more accountable than existing arrangements. The argument is illustrated through a comparison of the cost and distributional impact of the current system with those of an alternative tax-credit scheme.

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    Bibliographic Info

    Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

    Volume (Year): 19 (1998)
    Issue (Month): 4 (November)
    Pages: 403-428

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    Handle: RePEc:ifs:fistud:v:19:y:1998:i:4:p:403-428

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    References

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    1. Giuseppe Ruggieri & Maxime Fougère, 1997. "The effect of tax-based savings incentives on government revenue," Fiscal Studies, Institute for Fiscal Studies, vol. 18(2), pages 143-159, May.
    2. Bovenberg, A.L. & Petersen, C., 1992. "Public debt and pension policy," Open Access publications from Tilburg University urn:nbn:nl:ui:12-152975, Tilburg University.
    3. 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.
    4. David M. Knox, 1990. "The taxation support of occupational pensions: a long-term view," Fiscal Studies, Institute for Fiscal Studies, vol. 11(4), pages 29-43, November.
    5. repec:fth:eeccco:117 is not listed on IDEAS
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    Cited by:
    1. Sergio Cesaratto, 2008. "The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy," Department of Economics University of Siena 549, Department of Economics, University of Siena.
    2. Ginn, Jay & Fachinger, Uwe & Schmähl, Winfried, 2007. "Reformen der Alterssicherung und der sozioökonomische Status Älterer in Großbritannien und Deutschland
      [Pension reform and the socioeconomic status of older people in Britain and Germany]
      ," MPRA Paper 3189, University Library of Munich, Germany.
    3. Mejra Festić & Jože Mencinger, 2009. "The Perspective of Pension System Reforms in the New Member States," Prague Economic Papers, University of Economics, Prague, vol. 2009(4), pages 291-308.
    4. Gerard Hughes, 2001. "The Cost and Distribution of Tax Expenditure on Occupational Pensions in Ireland," Papers WP139, Economic and Social Research Institute (ESRI).
    5. Callan, Tim & Nolan, Brian & Walsh, John R., 2007. "Pension Priorities: Getting the Balance Right?," Papers BP2008/2, Economic and Social Research Institute (ESRI).
    6. repec:esr:chaptr:jacb200756 is not listed on IDEAS
    7. Gerard Hughes, 2002. "Private Pensions and Equity in Ireland and the U.K," Papers WP142, Economic and Social Research Institute (ESRI).

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