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Estimating economic and social welfare impacts of pension reform

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  • van de Coevering, Clement
  • Foster, Daniel
  • Haunit, Paula
  • Kennedy, Cathal
  • Meagher, Sarah
  • Van den Berg, Jennie

Abstract

This paper examines the impact of two effects of the pension reform package that the UK Government put forward in the May White Paper Security in retirement: the likely increase in the number of older people working due to a higher State Pension age and the likely rise in saving due to more people putting away money for retirement. The overall effect of changes to State Pension age and the introduction of personal accounts on UK incomes is likely to be in the range of 0.9 – 3.1 per cent. Although these numbers are relatively small proportions of the total economy, they represent significant sums. In terms of today’s economy, they would be worth around £11 – 38 billion. This paper also applies an innovative economic analysis to examine the scale of the increase in people’s wellbeing as a result of improved consumption smoothing. It finds that if people save for retirement through personal accounts, then generally their wellbeing will be enhanced.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1623.

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Date of creation: 29 Nov 2006
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Handle: RePEc:pra:mprapa:1623

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Keywords: pension reform; consumption smoothing; social welfare;

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References

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  1. Tatiana Kirsanova & James Sefton, 2006. "A Comparison of National Saving Rates in the UK, US and Italy," Discussion Papers, Exeter University, Department of Economics 0612, Exeter University, Department of Economics.
  2. Daniel Kahneman, 2003. "A Psychological Perspective on Economics," American Economic Review, American Economic Association, American Economic Association, vol. 93(2), pages 162-168, May.
  3. n/a, 2006. "A Comparison of National Saving Rates in the UK, US and Italy," NIESR Discussion Papers, National Institute of Economic and Social Research 1300, National Institute of Economic and Social Research.
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Cited by:
  1. Aaron George Grech, 2012. "Evaluating the possible impact of pension reforms on future living standards in Europe," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 51296, London School of Economics and Political Science, LSE Library.
  2. Gielen, A. C., 2007. "Working Hours Flexibility and Older Workers' Labor Supply," Discussion Paper, Tilburg University, Center for Economic Research 2007-49, Tilburg University, Center for Economic Research.
  3. repec:cep:sticas:case161 is not listed on IDEAS

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