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Estimating pension wealth of ELSA respondents

Author

Listed:
  • James Banks

    () (Institute for Fiscal Studies and University of Manchester)

  • Carl Emmerson

    () (Institute for Fiscal Studies and Institute for Fiscal Studies)

  • Gemma Tetlow

    () (Institute for Fiscal Studies)

Abstract

This paper explains the methodology used for calculating pension wealth for all individuals in the first wave of the English Longitudinal Study of Ageing (ELSA). We focus on the pension wealth of individuals aged between 50 and the state pension age. Both state and private pension wealth has been calculated and each has been calculated both on the basis of immediate retirement in 2002 and on the basis of retirement at the state pension age. Sensitivity analysis of our assumptions is also presented, which shows that the distribution of pension wealth is sensitive to our assumptions about the discount rate and contracting out histories but insensitive to assumptions about future earnings growth, future annuity rates and future asset returns.

Suggested Citation

  • James Banks & Carl Emmerson & Gemma Tetlow, 2005. "Estimating pension wealth of ELSA respondents," IFS Working Papers W05/09, Institute for Fiscal Studies.
  • Handle: RePEc:ifs:ifsewp:05/09
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    References listed on IDEAS

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    1. Richard Blundell & Costas Meghir & Sarah Smith, 2002. "Pension Incentives and the Pattern of Early Retirement," Economic Journal, Royal Economic Society, vol. 112(478), pages 153-170, March.
    2. Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics,in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier.
    3. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1, April.
    4. Richard Disney & Carl Emmerson & Matthew Wakefield, 2008. "Pension Provision and Retirement Saving: Lessons from the United Kingdom," Canadian Public Policy, University of Toronto Press, vol. 34(s1), pages 155-176, November.
    5. Clark, Tom & Emmerson, Carl, 2003. "Privatising provision and attacking poverty? The direction of UK Pension Policy under new Labour," Journal of Pension Economics and Finance, Cambridge University Press, vol. 2(01), pages 67-89, March.
    6. Alan Budd & Nigel Campbell, 1998. "The Roles of the Public and Private Sectors in the U.K. Pension System," NBER Chapters,in: Privatizing Social Security, pages 99-134 National Bureau of Economic Research, Inc.
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    Cited by:

    1. repec:oup:oxecpp:v:69:y:2017:i:4:p:1101-1119. is not listed on IDEAS
    2. Antoine Bozio & Carl Emmerson & Cormac O'Dea & Gemma Tetlow, 2013. "Savings and wealth of the lifetime rich: evidence from the UK and US," IFS Working Papers W13/30, Institute for Fiscal Studies.
    3. Behncke S, 2009. "How Does Retirement Affect Health?," Health, Econometrics and Data Group (HEDG) Working Papers 09/11, HEDG, c/o Department of Economics, University of York.
    4. Carpio, Miguel Angel, 2011. "Do pension wealth, pension cost and the nature of pension system affect coverage? Evidence from a country where pay-as-you-go and funded systems coexist," MPRA Paper 34926, University Library of Munich, Germany.
    5. Ximena Quintanilla, 2011. "Did Chileans Maximize Pensions when Choosing between PAYG and DC?," Working Papers 46, Superintendencia de Pensiones, revised Sep 2011.
    6. Jinkook Lee, 2010. "Data Sets on Pensions and Health Data Collection and Sharing for Policy Design," Working Papers WR-814, RAND Corporation.
    7. Ximena Quintanilla, 2011. "The effect of the Chilean Pension Reform on Wealth Accumulation," Working Papers 47, Superintendencia de Pensiones, revised Sep 2011.
    8. Frank Cowell & Brian Nolan & Javier Olivera & Philippe Van Kerm, 2017. "Wealth, Top Incomes and Inequality," LWS Working papers 24, LIS Cross-National Data Center in Luxembourg.

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