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Individual choice of pension arrangement as a pension reform strategy

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Author Info
Richard Disney () (Institute for Fiscal Studies and University of Nottingham)
Robert Palacios
Edward Whitehouse

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Abstract

The paper examines social security (public pension) reforms in which the programme is partially shifted from a public unfunded basis to a private, prefunded, basis. It focuses on reforms where individuals have a choice in switching from public funded to private unfunded programmes (as in the Ñ£ontracting outÒ scheme in the UK), or where some individuals are forced to join the funded scheme, or reforms which combine both these options. The welfare consequences of such reform strategies are analysed both from an individual and a macroeconomic perspective. The paper also examines whether individuals respond Ѳationally' to the incentives inherent in such programmes.

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Publisher Info
Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W99/18.

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Length: 37
Date of creation: Jul 1999
Date of revision:
Handle: RePEc:ifs:ifsewp:99/18

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Keywords:

Find related papers by JEL classification:
G23 - Financial Economics - - Financial Institutions and Services - - - Pension Funds; Other Private Financial Institutions
H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs
J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends and Forecasts

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References listed on IDEAS
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. Palacios, Robert & Whitehouse, Edward, 1998. "The Role of Choice in the Transition to a Funded Pension System," MPRA Paper 14176, University Library of Munich, Germany. [Downloadable!]
  2. Feldstein, Martin, 1996. "The Missing Piece in Policy Analysis: Social Security Reform," American Economic Review, American Economic Association, vol. 86(2), pages 1-14, May.
    Other versions:
  3. Whitehouse, Edward, 1998. "Pension Reform in Britain," MPRA Paper 14175, University Library of Munich, Germany. [Downloadable!]
  4. Disney, Richard & Whitehouse, Edward, 1992. "The personal pensions stampede," MPRA Paper 10476, University Library of Munich, Germany. [Downloadable!]
  5. Ronald Lee & Jonathan Skinner, 1999. "Will Aging Baby Boomers Bust the Federal Budget?," Journal of Economic Perspectives, American Economic Association, vol. 13(1), pages 117-140, Winter. [Downloadable!] (restricted)
  6. Disney, Richard & Whitehouse, Edward, 1996. "What Are Occupational Pension Plan Entitlements Worth in Britain?," Economica, London School of Economics and Political Science, vol. 63(250), pages 213-38, May. [Downloadable!] (restricted)
  7. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1.
  8. Laurence J. Kotlikoff, 1998. "Simulating the Privatization of Social Security in General Equilibrium," NBER Chapters, in: Privatizing Social Security, pages 265-311 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  9. Andrew A. Samwick, 1997. "Discount Rate Heterogeneity and Social Security Reform," NBER Working Papers 6219, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. 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. [Downloadable!]
  11. Bodie, Zvi, 1990. "Pensions as Retirement Income Insurance," Journal of Economic Literature, American Economic Association, vol. 28(1), pages 28-49, March. [Downloadable!] (restricted)
  12. Henning Bohn, 1999. "Social Security and Demographic Uncertainty: The Risk Sharing Properties of Alternative Policies," NBER Working Papers 7030, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  13. Ravi Jagannathan & Narayana R. Kocherlakota, 1996. "Why should older people invest less in stock than younger people?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 11-23. [Downloadable!]
  14. Disney, Richard & Whitehouse, Edward, 1993. "Contracting-Out and Lifetime Redistribution in the UK State Pension System," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 55(1), pages 25-41, February.
  15. Miles, David, 1999. "Modelling the Impact of Demographic Change upon the Economy," Economic Journal, Royal Economic Society, vol. 109(452), pages 1-36, January. [Downloadable!] (restricted)
    Other versions:
  16. Iben, Andreas & Miles, David K, 1998. "The Reform of Pension Systems: Winners and Losers Across Generations," CEPR Discussion Papers 1943, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  17. Laurence J. Kotlikoff & Kent A. Smetters & Jan Walliser, 1998. "Opting Out of Social Security and Adverse Selection," NBER Working Papers 6430, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  18. Hemming, Richard & Kay, John A, 1982. "The Costs of the State Earnings Related Pension Scheme," Economic Journal, Royal Economic Society, vol. 92(366), pages 300-319, June. [Downloadable!] (restricted)
  19. Albert Jaeger & Sheetal K. Chand, 1996. "Aging Populations and Public Pension Schemes," IMF Occasional Papers 147, International Monetary Fund. [Downloadable!]
  20. Richard Hemming, 1998. "Should Public Pensions be Funded?," IMF Working Papers 98/35, International Monetary Fund.
Full references

Cited by:
(explanations, 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. Alan L. Gustman & Thomas L. Steinmeier, 2002. "The New Social Security Commission Personal Accounts: Where is the Investment Principal?," Working Papers wp031, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  2. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany. [Downloadable!]
  3. James Banks & Carl Emmerson, 2000. "Public and private pension spending: principles, practice and the need for reform," Fiscal Studies, Institute for Fiscal Studies, vol. 21(1), pages 1-63, March. [Downloadable!]
  4. Boeri, Tito, 2000. "Social Europe: Dramatic Visions and Real Complexity," CEPR Discussion Papers 2371, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  5. Alan L. Gustman & Thomas L. Steinmeier, 2002. "The New Social Security Commission Personal Accounts: Where Is the Investment Principal?," NBER Working Papers 9045, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Whitehouse, Edward, 2000. "Paying for pensions: An international comparison of administrative charges in funded retirement-income systems," MPRA Paper 14171, University Library of Munich, Germany. [Downloadable!]
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