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Choice of pension scheme and job mobility in Britain

  • Richard Disney

    ()

    (Institute for Fiscal Studies and University of Nottingham)

  • Carl Emmerson

    ()

    (Institute for Fiscal Studies)

Registered author(s):

    This paper examines the choice of pension scheme and job mobility in Britain. Workers in Britain can choose to belong wholly to the social security (public pension) programme, or to a company-provided plan (occupational pension), or to purchase their own individual pension. We use household panel data for the 1990s to show that individuals that subsequently move job select pension arrangements that a priori impose lower costs on job mobility. A feature of the British policy ‘experiment’, and of the data, is that we can differentiate between choice of actual pension arrangement by the individual and what pension arrangements were offered to that individual. This permits us to test indirectly whether the observed relationship arises from employer selection or from pension scheme design.

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    File URL: http://www.ifs.org.uk/wps/wp0209.pdf
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    Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W02/09.

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    Length: 42 pages
    Date of creation: May 2002
    Date of revision:
    Handle: RePEc:ifs:ifsewp:02/09
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    1. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-84, December.
    2. Lazear, Edward P, 1981. "Agency, Earnings Profiles, Productivity, and Hours Restrictions," American Economic Review, American Economic Association, vol. 71(4), pages 606-20, September.
    3. Laurence J. Kotlikoff & Daniel E. Smith, 1983. "The Structure of Private Pension Plans," NBER Chapters, in: Pensions in the American Economy, pages 163-289 National Bureau of Economic Research, Inc.
    4. Stock, James H & Wise, David A, 1990. "Pensions, the Option Value of Work, and Retirement," Econometrica, Econometric Society, vol. 58(5), pages 1151-80, September.
    5. Alan L. Gustman & Thomas L. Steinmeier & Olivia Mitchell, 1994. "The role of pensions in the labor market: A survey of the literature," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 47(3), pages 417-438, April.
    6. Olivia S. Mitchell, 1982. "Fringe Benefits and Labor Mobility," Journal of Human Resources, University of Wisconsin Press, vol. 17(2), pages 286-298.
    7. James Banks & Carl Emmerson, 2000. "Public and private pension spending: principles, practice and the need for reform," Fiscal Studies, Institute for Fiscal Studies, vol. 21(1), pages 1-63, March.
    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. Henley, Andrew & Disney, Richard & Carruth, Alan, 1994. "Job Tenure and Asset Holdings," Economic Journal, Royal Economic Society, vol. 104(423), pages 338-49, March.
    10. Mealli, Fabrizia & Pudney, Stephen, 1996. "Occupational Pensions and Job Mobility in Britain: Estimation of a Random-Effects Competing Risks Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(3), pages 293-320, May-June.
    11. Disney, Richard & Whitehouse, Edward, 1996. "What Are Occupational Pension Plan Entitlements Worth in Britain?," Economica, London School of Economics and Political Science, vol. 63(250), pages 213-38, May.
    12. Stuart Dorsey, 1995. "Pension portability and labor market efficiency: A survey of the literature," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 48(2), pages 276-292, January.
    13. Schiller, Bradley R & Weiss, Randall D, 1979. "The Impact of Private Pensions on Firm Attachment," The Review of Economics and Statistics, MIT Press, vol. 61(3), pages 369-80, August.
    14. Gustman, Alan L. & Steinmeier, Thomas L., 1993. "Pension portability and labor mobility : Evidence from the survey of income and program participation," Journal of Public Economics, Elsevier, vol. 50(3), pages 299-323, March.
    15. Richard A. Ippolito, 1987. "Why Federal Workers Don't Quit," Journal of Human Resources, University of Wisconsin Press, vol. 22(2), pages 281-299.
    16. McCormick, Barry & Hughes, Gordon, 1984. "The influence of pensions on job mobility," Journal of Public Economics, Elsevier, vol. 23(1-2), pages 183-206.
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