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Pension reform, financial literacy and public information: a case study of the United Kingdom

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  • Whitehouse, Edward

Abstract

Consumers in most countries are generally not well informed about pensions. Both general facts about the structure of the pension system and specific data on their own pension entitlements are lacking. Many people, as a result, might have unrealistic expectations of their retirement incomes. But apathy and indifference to pension planning (and personal finances in general) form a large barrier to improving people’s knowledge of the pension system and how it affects them. This paper looks at the experience of the United Kingdom. A number of interesting initiatives to improve general and individual pension information are described and assessed.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 10323.

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Date of creation: Jan 2000
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Handle: RePEc:pra:mprapa:10323

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Keywords: pension; retirement; financial literacy;

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  1. Martha Starr-McCluer & Annika Sunden, 1999. "Workers' knowledge of their pension coverage: a reevaluation," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 1999-05, Board of Governors of the Federal Reserve System (U.S.).
  2. Sarah Tanner, 1998. "The dynamics of male retirement behaviour," Fiscal Studies, Institute for Fiscal Studies, Institute for Fiscal Studies, vol. 19(2), pages 175-196, May.
  3. Gavin Brown & Paul Draper & Eddie McKenzie, 1997. "Consistency of UK Pension Fund Investment Performance," Journal of Business Finance & Accounting, Wiley Blackwell, Wiley Blackwell, vol. 24(2), pages 155-178.
  4. Costas Meghir & Whitehouse, E, 1995. "Labour market transitions and retirement of men in the UK," IFS Working Papers, Institute for Fiscal Studies W95/10, Institute for Fiscal Studies.
  5. 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.
  6. Palacios, Robert & Whitehouse, Edward, 1998. "The role of choice in the transition to a funded pension system," Social Protection Discussion Papers 20109, The World Bank.
  7. Richard Disney & Sarah Tanner, 1999. "What can we learn from retirement expectations data?," IFS Working Papers, Institute for Fiscal Studies W99/17, Institute for Fiscal Studies.
  8. 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.
  9. Whitehouse, Edward, 1998. "Pension Reform in Britain," MPRA Paper 14175, University Library of Munich, Germany.
  10. Brown, Stephen J & Goetzmann, William N, 1995. " Performance Persistence," Journal of Finance, American Finance Association, American Finance Association, vol. 50(2), pages 679-98, June.
  11. 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.
  12. Teresa Ghilarducci, 1992. "Labor's Capital: The Economics and Politics of Private Pensions," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262071398, December.
  13. Richard Disney, 1995. "Occupational pension schemes: prospects and reforms in the UK," Fiscal Studies, Institute for Fiscal Studies, Institute for Fiscal Studies, vol. 16(3), pages 19-39, September.
  14. 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.
  15. Blake, David & Lehmann, Bruce N & Timmermann, Allan G, 1997. "Performance Measurement using Multiple Asset Class Portfolio Data," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1618, C.E.P.R. Discussion Papers.
  16. DeMarco, Gustavo & Rofman, Rafael & Whitehouse, Edward, 1998. "Supervising mandatory funded pension systems : issues and challenges," Social Protection Discussion Papers 20113, The World Bank.
  17. Ronald Lee & Jonathan Skinner, 1999. "Will Aging Baby Boomers Bust the Federal Budget?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 13(1), pages 117-140, Winter.
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