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Pension Reform in Britain

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Author Info
Whitehouse, Edward

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Abstract

This paper examines the evolution of the pension system in Britain. In particular, it focuses on the shift from pay-as-you-go, state-run defined-benefit pensions to individual, private-sector, funded defined-contribution accounts. It looks at three issues in this reform: the financing of the transition from pay-as-you-go to funded provision; the fiscal impact of voluntary switching and adverse selection; and the question of the degree to which personal pension accounts were ‘over-sold’ to individuals for whom they were not suitable. The paper examines recent reform proposals and the prospects for reform under the New Labour government. It concludes that the British system has avoided a future financial crisis arising from the demographic transition, but that problems of incentives and retirement-income adequacy remain.

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File URL: http://mpra.ub.uni-muenchen.de/14175/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14175.

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Date of creation: Jun 1998
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Handle: RePEc:pra:mprapa:14175

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Related research
Keywords: pensions; United Kingdom;

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Find related papers by JEL classification:
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
D14 - Microeconomics - - Household Behavior - - - Personal Finance

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. Peacock, Alan, 1992. "The Credibility of Economic Advice to Government," Economic Journal, Royal Economic Society, vol. 102(414), pages 1213-22, September. [Downloadable!] (restricted)
  2. Disney, Richard & Whitehouse, Edward, 1992. "The personal pensions stampede," MPRA Paper 10476, University Library of Munich, Germany. [Downloadable!]
  3. Richard Disney & Edward Whitehouse, 1991. "How should pensions in the UK be indexed?," Fiscal Studies, Institute for Fiscal Studies, vol. 12(3), pages 47-61, August.
  4. Andrew Dilnot & Paul Johnson, 1993. "Tax expenditures: the case of occupational pensions," Fiscal Studies, Institute for Fiscal Studies, vol. 14(1), pages 42-56, February. [Downloadable!]
  5. John Creedy & Richard Disney, 1988. "The new pension scheme in Britain," Fiscal Studies, Institute for Fiscal Studies, vol. 9(2), pages 57-71, May.
  6. 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!]
  7. Richard Disney, 1995. "Occupational pension schemes: prospects and reforms in the UK," Fiscal Studies, Institute for Fiscal Studies, vol. 16(3), pages 19-39, September. [Downloadable!]
  8. Edward Whitehouse, 1990. "The abolition of the pensions 'earnings rule'," Fiscal Studies, Institute for Fiscal Studies, vol. 11(3), pages 55-70, August.
  9. Richard Disney & Edward Whitehouse, 1992. "Personal pensions and the review of the contracting-out terms," Fiscal Studies, Institute for Fiscal Studies, vol. 13(1), pages 38-53, February.
  10. Richard Disney & Costas Meghir & Edward Whitehouse, 1994. "Retirement behaviour in Britain," Fiscal Studies, Institute for Fiscal Studies, vol. 15(1), pages 24-43, February.
  11. Andrew Dilnot & Richard Disney, 1989. "Pensions Schemes after the 1989 Budget," Fiscal Studies, Institute for Fiscal Studies, vol. 10(3), pages 34-49, August.
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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. Richard Disney & Robert Palacios & Edward Whitehouse, 1999. "Individual choice of pension arrangement as a pension reform strategy," IFS Working Papers W99/18, Institute for Fiscal Studies. [Downloadable!]
  2. Whitehouse, Edward, 2000. "Pension reform, financial literacy and public information: a case study of the United Kingdom," MPRA Paper 10323, University Library of Munich, Germany. [Downloadable!]
  3. Disney, Richard & Whitehouse, Edward, 1992. "The personal pensions stampede," MPRA Paper 10476, University Library of Munich, Germany. [Downloadable!]
  4. Fabrice Hervé, 2003. "La persistance de la performance des fonds de pension individuels britanniques:une étude empirique sur des fonds investis en actions et des fonds obligataires," Revue Finance Contrôle Stratégie, Editions Economica, vol. 6(3), pages 41-77, September. [Downloadable!]
  5. James, Estelle, 1998. "New Models for Old-Age Security: Experiments, Evidence, and Unanswered Questions," World Bank Research Observer, Oxford University Press, vol. 13(2), pages 271-301, August. [Downloadable!]
  6. James, Estelle, 1999. "Coverage under old-agesecurity programs and protection for the uninsured - What are the issues?," Policy Research Working Paper Series 2163, The World Bank. [Downloadable!]
  7. Fabrice Hervé, 2006. "Les fonds de pension protègent-ils les investisseurs des évolutions du marché?," Working Papers FARGO 1060101, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
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