Pension Provision and Retirement Saving: Lessons from the United Kingdom
We describe the trajectory of pension reform in the United Kingdom, which focuses on restraining the cost of the public program as the population ages while maintaining adequate income security for low-income households in retirement. Methods for achieving these aims have been to target public benefits to lowincome households, to permit individuals to opt out of the second tier of the public program into private retirement accounts, and to offer tax incentives to encourage additional private retirement saving. Frequent program reforms raise concerns as to whether households can make reasonable private saving provision in light of the growing complexity and potential shortcomings of individual decision-making. This paper sheds some light on these issues.
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Volume (Year): 34 (2008)
Issue (Month): s1 (November)
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References listed on IDEAS
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- Richard Disney & Carl Emmerson & Matthew Wakefield, 2007. "Tax reform and retirement saving incentives: evidence from the introduction of stakeholder pensions in the UK," IFS Working Papers W07/19, Institute for Fiscal Studies.
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- Woojin Chung & Richard Disney & Carl Emmerson & Matthew Wakefield, "undated". "Public policy and retirement saving incentives in the UK," Discussion Papers 06/03, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
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- Richard Disney, 2006. "Household Saving Rates and the Design of Public Pension Programmes: Crossâ€“Country Evidence," National Institute Economic Review, National Institute of Economic and Social Research, vol. 198(1), pages 61-74, October. Full references (including those not matched with items on IDEAS)