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Public pension reform in the United Kingdom: what effect on the financial well-being of current and future pensioners?

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  • Richard Disney

    ()
    (Institute for Fiscal Studies and University of Nottingham)

  • Carl Emmerson

    ()
    (Institute for Fiscal Studies)

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    Abstract

    Unlike many tax and benefit changes, reforms to public pension programmes take many years to have their full effect. This paper examines the effect of reforms to the public pension programme in the United Kingdom on the state retirement incomes of current generations of pensioners and on the prospective state incomes of future generations of pensioners. We show that, for an individual with lifetime earnings close to male average earnings, the UK pension system is at its most generous to those reaching the state pension age around the year 2000, but that the introduction of the state second pension and the pension credit postpones this peak for individuals on lower incomes and for those with substantial periods out of paid employment spent with caring responsibilities. We also consider how the 'mix' of benefits, particularly between the contributory and income-tested sectors, could change over time, and the impact that this would have on incentives to save for retirement.

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    Bibliographic Info

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

    Volume (Year): 26 (2005)
    Issue (Month): 1 (March)
    Pages: 55-81

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    Handle: RePEc:ifs:fistud:v:26:y:2005:i:1:p:55-81

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    Cited by:
    1. James Banks & Carl Emmerson & Gemma C. Tetlow, 2014. "Effect of Pensions and Disability Benefits on Retirement in the UK," NBER Working Papers 19907, National Bureau of Economic Research, Inc.
    2. Richard Disney & Carl Emmerson & Matthew Wakefield, . "Pension Provision and Retirement Saving: Lessons from the United Kingdom," Discussion Papers 07/01, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    3. Sara Flisi & Marcello Morciano, 2011. "Trends and dynamics in the Italian labour market. An empirical evaluation using RFL data, 1993-2007," Center for the Analysis of Public Policies (CAPP) 0091, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
    4. Tim Krieger & Stefan Traub, 2009. "Wie hat sich die intragenerationale Umverteilung in der staatlichen Säule des Rentensystems verändert? Ein internationaler Vergleich auf Basis von LIS-Daten," Working Papers 24, University of Paderborn, CIE Center for International Economics.
    5. Claudio Raddatz & Sergio Schmukler, 2010. "Pension Funds And Capital Market Development: How Much Bang For The Buck?," Working Papers 38, Superintendencia de Pensiones, revised Feb 2010.
    6. Richard Blundell & Carl Emmerson & Matthew Wakefield, 2006. "The importance of incentives in influencing private retirement saving: known knowns and known unknowns," IFS Working Papers W06/09, Institute for Fiscal Studies.

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