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Tax reform and retirement saving incentives: evidence from the introduction of stakeholder pensions in the UK

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Author Info
Richard Disney () (Institute for Fiscal Studies and University of Nottingham)
Carl Emmerson () (Institute for Fiscal Studies)
Matthew Wakefield () (Institute for Fiscal Studies and University College London)

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Abstract

Faced with ageing populations, OECD governments are seeking policies to increase individual retirement saving. In April 2001, the UK government introduced Stakeholder Pensions - a low cost retirement saving vehicle. The reform also changed the structure of tax-relieved contribution ceilings, increasing their generosity for lower earning individuals. We examine the impact of these changes on private pension coverage and on contributions to personal pension accounts using individual level micro data.

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Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W07/19.

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Date of creation: Nov 2007
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Handle: RePEc:ifs:ifsewp:07/19

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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. Orazio Attanasio & James Banks & Matthew Wakefield, 2004. "Effectiveness of tax incentives to boost (retirement) saving: theoretical motivation and empirical evidence," IFS Working Papers W04/33, Institute for Fiscal Studies. [Downloadable!]
  2. Richard Disney & Carl Emmerson & Matthew Wakefield, 2007. "Pension Provision and Retirement Saving: Lessons from the United Kingdom," Social and Economic Dimensions of an Aging Population Research Papers 176, McMaster University. [Downloadable!]
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  3. repec:att:wimass:199226 is not listed on IDEAS
  4. B. Douglas Bernheim & John Karl Scholz, 1993. "Private Saving and Public Policy," NBER Chapters, in: Tax Policy and the Economy, Volume 7, pages 73-110 National Bureau of Economic Research, Inc. [Downloadable!]
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  5. R Disney & C Emmerson & M Wakefield, 2001. "Pension reform and saving in Britain," Oxford Review of Economic Policy, Oxford University Press, vol. 17(1), pages 70-94, Spring.
  6. Ai, Chunrong & Norton, Edward C., 2003. "Interaction terms in logit and probit models," Economics Letters, Elsevier, vol. 80(1), pages 123-129, July. [Downloadable!] (restricted)
  7. John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2004. "Are Americans Saving "Optimally" for Retirement?," NBER Working Papers 10260, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  1. Richard Disney & Carl Emmerson & Matthew Wakefield, 2008. "Pension Provision and Retirement Saving: Lessons from the United Kingdom," Canadian Public Policy, University of Toronto Press, vol. 34(s1), pages 155-176, November. [Downloadable!] (restricted)
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