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Pension Reform and Economic Performance in Britain in the 1980s and 1990s

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  • Richard Disney
  • Carl Emmerson
  • Sarah Smith

Abstract

The late 1980s saw a major shift in pension provision in the United Kingdom, when for the first time individuals were permitted to opt out of part of the social security program into individual retirement saving accounts (Personal Pensions). At the same time, membership of company-provided pension plans (occupational schemes) was made voluntary. The paper explores the possible impact of these, and other related changes in social security in the 1980s and 1990s in the UK, on household saving rates, on current and future public finances, on retirement, and on the job mobility of individuals covered by company pension plans.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9556.

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Date of creation: Mar 2003
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Publication status: published as Card, David, Richard Blundell, and Richard B. Freeman (eds.) Seeking a premier economy: The economic effects of British economic reforms, 1980-2000 NBER Comparative Labor Markets Series. Chicago and London: University of Chicago Press, 2004.
Handle: RePEc:nbr:nberwo:9556

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References

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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.
  2. Peacock, Alan, 1992. "The Credibility of Economic Advice to Government," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 102(414), pages 1213-22, September.
  3. Banks, James & Blundell, Richard & Tanner, Sarah, 1998. "Is There a Retirement-Savings Puzzle?," American Economic Review, American Economic Association, American Economic Association, vol. 88(4), pages 769-88, September.
  4. Henley, Andrew & Disney, Richard & Carruth, Alan, 1994. "Job Tenure and Asset Holdings," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 104(423), pages 338-49, March.
  5. Carl Emmerson & Sarah Tanner, 2000. "A note on the tax treatment of private pensions and Individual Savings Accounts," Fiscal Studies, Institute for Fiscal Studies, Institute for Fiscal Studies, vol. 21(1), pages 65-74, March.
  6. 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.
  7. Edward P. Lazear & Robert L. Moore, 1988. "Pensions and Turnover," NBER Chapters, in: Pensions in the U.S. Economy, pages 163-190 National Bureau of Economic Research, Inc.
  8. Blake, David, 2003. "Pension Schemes and Pension Funds in the United Kingdom," OUP Catalogue, Oxford University Press, Oxford University Press, edition 2, number 9780199243532, October.
  9. Richard Disney & Sarah Tanner, 2000. "The abolition of the earnings rule for UK pensioners," IFS Working Papers, Institute for Fiscal Studies W00/13, Institute for Fiscal Studies.
  10. Mealli, Fabrizia & Pudney, Stephen, 1996. "Occupational Pensions and Job Mobility in Britain: Estimation of a Random-Effects Competing Risks Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 11(3), pages 293-320, May-June.
  11. Agar Brugiavini & Richard Disney, 1995. "The choice of private pension plans under uncertainty," IFS Working Papers, Institute for Fiscal Studies W95/05, Institute for Fiscal Studies.
  12. Richard Disney, 1996. "Can We Afford to Grow Older?," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 026204157x, December.
  13. Creedy, John & Disney, Richard & Whitehouse, Edward, 1993. "The Earnings-Related State Pension, Indexation and Lifetime Redistribution in the U.K," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 39(3), pages 257-78, September.
  14. Miles, David, 1999. "Modelling the Impact of Demographic Change upon the Economy," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 109(452), pages 1-36, January.
  15. 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.
  16. Robert K. Triest, 1997. "Social Security reform: an overview," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, Federal Reserve Bank of Boston, vol. 41(Jun), pages 1-18.
  17. 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.
  18. Richard Blundell & Paul Johnson, 1999. "Pensions and Retirement in the United Kingdom," NBER Chapters, in: Social Security and Retirement around the World, pages 403-435 National Bureau of Economic Research, Inc.
  19. Richard Blundell & Costas Meghir & Sarah Smith, 2002. "Pension Incentives and the Pattern of Early Retirement," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 112(478), pages C153-C170, March.
  20. Cutler, D.M. & Poterba, J.M. & Sheiner, L.M. & Summers, L.H., 1990. "An Aging Society: Opportunity Or Challenge," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 553, Massachusetts Institute of Technology (MIT), Department of Economics.
  21. Disney, Richard & Whitehouse, Edward, 1996. "What Are Occupational Pension Plan Entitlements Worth in Britain?," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 63(250), pages 213-38, May.
  22. Richard Disney & Costas Meghir & Edward Whitehouse, 1994. "Retirement behaviour in Britain," Fiscal Studies, Institute for Fiscal Studies, Institute for Fiscal Studies, vol. 15(1), pages 24-43, February.
  23. Richard Disney & Edward Whitehouse, 1992. "Personal pensions and the review of the contracting-out terms," Fiscal Studies, Institute for Fiscal Studies, Institute for Fiscal Studies, vol. 13(1), pages 38-53, February.
  24. Zvi Bodie & Alan J. Marcus & Robert C. Merton, 1985. "Defined Benefit versus Defined Contribution Pension Plans: What are the Real Tradeoffs?," NBER Working Papers 1719, National Bureau of Economic Research, Inc.
  25. Disney, Richard & Whitehouse, Edward, 1992. "The personal pensions stampede," MPRA Paper 10476, University Library of Munich, Germany.
  26. Alan Gustman & Thomas Steinmeier, 1990. "Pension Portability and Labor Mobility: Evidence From the Survey of Income and Program Participation," NBER Working Papers 3525, National Bureau of Economic Research, Inc.
  27. Eric M. Engen & William G. Gale, 1997. "Effects of Social Security reform on private and national saving," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, Federal Reserve Bank of Boston, vol. 41(Jun), pages 103-142.
  28. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
  29. Richard Blundell & Costas Meghir & Sarah Smith, 2004. "Pension Incentives and the Pattern of Retirement in the United Kingdom," NBER Chapters, in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 643-690 National Bureau of Economic Research, Inc.
  30. Henning Bohn, 1997. "Social Security reform and financial markets," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, Federal Reserve Bank of Boston, vol. 41(Jun), pages 193-227.
  31. R Disney & C Emmerson & M Wakefield, 2001. "Pension reform and saving in Britain," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 17(1), pages 70-94, Spring.
  32. repec:fth:harver:1490 is not listed on IDEAS
  33. Richard Disney & Robert Palacios & Edward Whitehouse, 1999. "Individual choice of pension arrangement as a pension reform strategy," IFS Working Papers, Institute for Fiscal Studies W99/18, Institute for Fiscal Studies.
  34. Steven A. Sass & Robert K. Triest, 1997. "Social Security reform: links to saving, investment and growth," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, Federal Reserve Bank of Boston, vol. 41(Jun).
  35. Deborah Roseveare & Willi Leibfritz & Douglas Fore & Eckhard Wurzel, 1996. "Ageing Populations, Pension Systems and Government Budgets: Simulations for 20 OECD Countries," OECD Economics Department Working Papers 168, OECD Publishing.
  36. Sheetal K. Chand & Albert Jaeger, 1996. "Aging Populations and Public Pension Schemes," IMF Occasional Papers 147, International Monetary Fund.
  37. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 87(6), pages 1261-84, December.
  38. Armando Barrientos, 1998. "Supplementary pension coverage in Britain," Fiscal Studies, Institute for Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 429-446, November.
  39. McCormick, Barry & Hughes, Gordon, 1984. "The influence of pensions on job mobility," Journal of Public Economics, Elsevier, Elsevier, vol. 23(1-2), pages 183-206.
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Citations

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Cited by:
  1. Craig P. Aubuchon & Juan Carlos Conesa & Carlos Garriga, 2011. "A primer on social security systems and reforms," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 19-35.
  2. Kemmerling, Achim & Neugart, Michael, 2009. "Financial market lobbies and pension reform," European Journal of Political Economy, Elsevier, vol. 25(2), pages 163-173, June.
  3. Susanne Pech, 2002. "Tax incentives for private life annuities and the social security reform: Effects on consumption and on adverse selection," Economics working papers, Department of Economics, Johannes Kepler University Linz, Austria 2002-09, Department of Economics, Johannes Kepler University Linz, Austria.

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