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Estimating pension wealth of ELSA respondents

  • James Banks

    ()

    (Institute for Fiscal Studies and University of Manchester)

  • Carl Emmerson

    ()

    (Institute for Fiscal Studies)

  • Gemma Tetlow

    ()

    (Institute for Fiscal Studies)

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.

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File URL: http://www.ifs.org.uk/wps/wp0509.pdf
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Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W05/09.

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Length: 68 pp.
Date of creation: May 2005
Date of revision:
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 C153-C170, March.
  2. 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.
  3. 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.
  4. 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.
  5. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1, August.
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