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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 of Bologna)

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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Bibliographic Info

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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References

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  1. Ai, Chunrong & Norton, Edward C., 2003. "Interaction terms in logit and probit models," Economics Letters, Elsevier, vol. 80(1), pages 123-129, July.
  2. John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2004. "Are Americans Saving "Optimally" for Retirement?," NBER Working Papers 10260, National Bureau of Economic Research, Inc.
  3. 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.
  4. repec:att:wimass:9226 is not listed on IDEAS
  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. B. Douglas Bernheim & John Karl Scholz, 1992. "Private Saving and Public Policy," NBER Working Papers 4215, National Bureau of Economic Research, Inc.
  7. 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.
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Cited by:
  1. 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).
  2. Immacolata Marino & Filippo Pericoli & Luigi Ventura, 2011. "Tax Incentives and Household Investment in Complementary Pension Insurance: Some Recent Evidence From the Italian Experience," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 14(2), pages 247-263, 09.
  3. Jarkko Harju, 2009. "Voluntary pension savings: the effects of the finnish tax reform on savers’ behaviour," Working Papers 2009/22, Institut d'Economia de Barcelona (IEB).
  4. Callan, Tim & van de Ven, Justin & Keane, Claire & O'Connell, Philip J., 2012. "A Framework for Pension Policy Analysis in Ireland: PENMOD, a Dynamic Simulation Model," Book Chapters, in: Callan, Tim (ed.), Analysing Pensions: Modelling and Policy Issues, pages 43-101 Economic and Social Research Institute (ESRI).

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