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Public policy and retirement saving incentives in the UK

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Author Info

  • Woojin Chung
  • Richard Disney
  • Carl Emmerson
  • Matthew Wakefield

Abstract

With ageing populations, OECD governments are searching for policies to increase retirement incomes. The UK government has introduced a series of policies, including the introduction of Personal Pensions from April 1988, of Stakeholder Pensions from April 2001, and the planned introduction of a National Pensions Saving Scheme (NPSS), designed to encourage individuals to save in retirement accounts rather than relying on state provision of social security in old age. These changes have been accompanied by changes in the tax treatment of private pensions. Arguably, the frequency and complexity of these reforms heightens the difficulties that households face in implementing consistent lifetime saving strategies. We examine some of these reform episodes in order to discover how households responded given the micro-incentives implied by this sequence of reforms – in particular those arising from the introduction of Personal and Stakeholder Pensions.

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Bibliographic Info

Paper provided by University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) in its series Discussion Papers with number 06/03.

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Handle: RePEc:not:notcfc:06/03

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Related research

Keywords: Retirement saving pensions.;

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Cited by:
  1. Jarkko Harju, 2013. "Voluntary Pension Savings and Tax Incentives: Evidence from Finland," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 69(1), pages 3-29, March.
  2. 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).
  3. Rowena Crawford & Richard Disney & Carl Emmerson, 2012. "Do up-front tax incentives affect private pension saving in the United Kingdom?," IFS Working Papers W12/05, Institute for Fiscal Studies.
  4. Juan Ayuso & Juan F. Jimeno & Ernesto Villanueva, 2007. "The effects of the introduction of tax incentives on retirement savings," Banco de Espa�a Working Papers 0724, Banco de Espa�a.

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