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Estimating pension wealth of ELSA respondents

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Author Info

  • James Banks

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

  • Carl Emmerson

    ()
    (Institute for Fiscal Studies)

  • Gemma Tetlow

    ()
    (Institute for Fiscal Studies)

Abstract

This paper explains the methodology used for calculating pension wealth for all individuals in the first wave of the English Longitudinal Study of Ageing (ELSA). We focus on the pension wealth of individuals aged between 50 and the state pension age. Both state and private pension wealth has been calculated and each has been calculated both on the basis of immediate retirement in 2002 and on the basis of retirement at the state pension age. Sensitivity analysis of our assumptions is also presented, which shows that the distribution of pension wealth is sensitive to our assumptions about the discount rate and contracting out histories but insensitive to assumptions about future earnings growth, future annuity rates and future asset returns.

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Bibliographic Info

Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W05/09.

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Length: 68 pp.
Date of creation: May 2005
Date of revision:
Handle: RePEc:ifs:ifsewp:05/09

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References

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  1. 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(01), pages 67-89, March.
  2. Richard Blundell & Costas Meghir & Sarah Smith, 2002. "Pension Incentives and the Pattern of Early Retirement," Economic Journal, Royal Economic Society, vol. 112(478), pages C153-C170, March.
  3. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1, October.
  4. Alan Budd & Nigel Campbell, 1998. "The Roles of the Public and Private Sectors in the U.K. Pension System," NBER Chapters, in: Privatizing Social Security, pages 99-134 National Bureau of Economic Research, Inc.
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Cited by:
  1. Carpio, Miguel Angel, 2011. "Do pension wealth, pension cost and the nature of pension system affect coverage? Evidence from a country where pay-as-you-go and funded systems coexist," MPRA Paper 34926, University Library of Munich, Germany.
  2. Behncke S, 2009. "How Does Retirement Affect Health?," Health, Econometrics and Data Group (HEDG) Working Papers 09/11, HEDG, c/o Department of Economics, University of York.
  3. Ximena Quintanilla, 2011. "The effect of the Chilean Pension Reform on Wealth Accumulation," Working Papers 47, Superintendencia de Pensiones, revised Sep 2011.
  4. Ximena Quintanilla, 2011. "Did Chileans Maximize Pensions when Choosing between PAYG and DC?," Working Papers 46, Superintendencia de Pensiones, revised Sep 2011.

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