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Pension Policy and Personal Finance: Defined-Contribution Plans and Retirement Strategies in the United Kingdom

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  • Ioannis Petrakis
  • Georgios A. Panos

Abstract

This study examines the implications of the United Kingdom’s 2012 pension autoenrolment reform for retirement planning and capability. Utilising data from the 2018 Financial Capability Survey and applying an endogenous-treatment-effect methodology that also corrects for selection, we examine the impact of definedcontribution (DC) pension plan participation on personal financial management. The results identify significant changes in individual financial behaviours, including increased diversification of retirement income sources, enhanced household savings, stock investments, and real estate holdings among DC plan participants. Findings indicate that enhancing financial literacy and regulatory/information transparency and accessibility are critical for informed pension management. The study advocates for improved international accounting standards, robust auditing oversight, and harmonised tax policies to support informed retirement planning and financial resilience.

Suggested Citation

  • Ioannis Petrakis & Georgios A. Panos, 2025. "Pension Policy and Personal Finance: Defined-Contribution Plans and Retirement Strategies in the United Kingdom," Working Papers 2025_06, Business School - Economics, University of Glasgow.
    • Handle: RePEc:gla:glaewp:2025_06
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    More about this item

    Keywords

    Pension Accounting; Defined-Contribution Plans; AutoEnrolment Policy; Transparency;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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