IDEAS home Printed from https://ideas.repec.org/p/nbr/nberwo/9556.html
   My bibliography  Save this paper

Pension Reform and Economic Performance in Britain in the 1980s and 1990s

Author

Listed:
  • Richard Disney
  • Carl Emmerson
  • Sarah Smith

Abstract

The late 1980s saw a major shift in pension provision in the United Kingdom, when for the first time individuals were permitted to opt out of part of the social security program into individual retirement saving accounts (Personal Pensions). At the same time, membership of company-provided pension plans (occupational schemes) was made voluntary. The paper explores the possible impact of these, and other related changes in social security in the 1980s and 1990s in the UK, on household saving rates, on current and future public finances, on retirement, and on the job mobility of individuals covered by company pension plans.

Suggested Citation

  • Richard Disney & Carl Emmerson & Sarah Smith, 2003. "Pension Reform and Economic Performance in Britain in the 1980s and 1990s," NBER Working Papers 9556, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:9556
    Note: AG LS
    as

    Download full text from publisher

    File URL: http://www.nber.org/papers/w9556.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Banks, James & Blundell, Richard & Tanner, Sarah, 1998. "Is There a Retirement-Savings Puzzle?," American Economic Review, American Economic Association, vol. 88(4), pages 769-788, September.
    2. Disney, Richard & Whitehouse, Edward, 1993. "Contracting-Out and Lifetime Redistribution in the UK State Pension System," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 55(1), pages 25-41, February.
    3. Henley, Andrew & Disney, Richard & Carruth, Alan, 1994. "Job Tenure and Asset Holdings," Economic Journal, Royal Economic Society, vol. 104(423), pages 338-349, March.
    4. Eric M. Engen & William G. Gale, 1997. "Effects of Social Security reform on private and national saving," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 41(Jun), pages 103-142.
    5. Miles, David, 1999. "Modelling the Impact of Demographic Change upon the Economy," Economic Journal, Royal Economic Society, vol. 109(452), pages 1-36, January.
    6. 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.
    7. Richard Disney & Edward Whitehouse, 1992. "Personal pensions and the review of the contracting-out terms," Fiscal Studies, Institute for Fiscal Studies, vol. 13(1), pages 38-53, February.
    8. Richard Disney & Robert Palacios & Edward Whitehouse, 1999. "Individual choice of pension arrangement as a pension reform strategy," IFS Working Papers W99/18, Institute for Fiscal Studies.
    9. Peacock, Alan, 1992. "The Credibility of Economic Advice to Government," Economic Journal, Royal Economic Society, vol. 102(414), pages 1213-1222, September.
    10. 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.
    11. Robert K. Triest, 1997. "Social Security reform: an overview," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 41(Jun), pages 1-18.
    12. R Disney & C Emmerson & M Wakefield, 2001. "Pension reform and saving in Britain," Oxford Review of Economic Policy, Oxford University Press, vol. 17(1), pages 70-94, Spring.
    13. Richard Disney & Costas Meghir & Edward Whitehouse, 1994. "Retirement behaviour in Britain," Fiscal Studies, Institute for Fiscal Studies, vol. 15(1), pages 24-43, February.
    14. 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.
    15. Richard Blundell & Paul Johnson, 1999. "Pensions and Retirement in the United Kingdom," NBER Chapters,in: Social Security and Retirement around the World, pages 403-435 National Bureau of Economic Research, Inc.
    16. Agar Brugiavini & Richard Disney, 1995. "The choice of private pension plans under uncertainty," IFS Working Papers W95/05, Institute for Fiscal Studies.
    17. Creedy, John & Disney, Richard & Whitehouse, Edward, 1993. "The Earnings-Related State Pension, Indexation and Lifetime Redistribution in the U.K," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 39(3), pages 257-278, September.
    18. 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.
    19. Sheetal K. Chand & Albert Jaeger, 1996. "Aging Populations and Public Pension Schemes," IMF Occasional Papers 147, International Monetary Fund.
    20. Zvi Bodie & Alan J. Marcus & Robert C. Merton, 1988. "Defined Benefit versus Defined Contribution Pension Plans: What are the Real Trade-offs?," NBER Chapters,in: Pensions in the U.S. Economy, pages 139-162 National Bureau of Economic Research, Inc.
    21. Richard Disney, 1996. "Can We Afford to Grow Older?," MIT Press Books, The MIT Press, edition 1, volume 1, number 026204157x, January.
    22. David M. Cutler & James M. Poterba & Louise M. Sheiner & Lawrence H. Summers, 1990. "An Aging Society: Opportunity or Challenge?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1), pages 1-74.
    23. McCormick, Barry & Hughes, Gordon, 1984. "The influence of pensions on job mobility," Journal of Public Economics, Elsevier, vol. 23(1-2), pages 183-206.
    24. Edward P. Lazear & Robert L. Moore, 1988. "Pensions and Turnover," NBER Chapters,in: Pensions in the U.S. Economy, pages 163-190 National Bureau of Economic Research, Inc.
    25. 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.
    26. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
    27. William G. Gale, 1998. "The Effects of Pensions on Household Wealth: A Reevaluation of Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 106(4), pages 706-723, August.
    28. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-1284, December.
    29. Disney, Richard & Whitehouse, Edward, 1992. "The personal pensions stampede," MPRA Paper 10476, University Library of Munich, Germany.
    30. Armando Barrientos, 1998. "Supplementary pension coverage in Britain," Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 429-446, November.
    31. Henning Bohn, 1997. "Social Security reform and financial markets," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 41(Jun), pages 193-227.
    32. Steven A. Sass & Robert K. Triest, 1997. "Social Security reform: links to saving, investment and growth," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 41(Jun).
    33. Richard Blundell & Costas Meghir & Sarah Smith, 2004. "Pension Incentives and the Pattern of Retirement in the United Kingdom," NBER Chapters,in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 643-690 National Bureau of Economic Research, Inc.
    34. 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.
    35. Richard Disney & Tanner, Tanner, 2000. "The abolition of the earnings rule for UK pensioners," IFS Working Papers W00/13, Institute for Fiscal Studies.
    36. Deborah Roseveare & Willi Leibfritz & Douglas Fore & Eckhard Wurzel, 1996. "Ageing Populations, Pension Systems and Government Budgets: Simulations for 20 OECD Countries," OECD Economics Department Working Papers 168, OECD Publishing.
    37. 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 213-238, May.
    38. Blake, David, 2003. "Pension Schemes and Pension Funds in the United Kingdom," OUP Catalogue, Oxford University Press, edition 2, number 9780199243532.
    39. 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.
    40. Richard Disney & Paul Johnson (ed.), 2001. "Pension Systems and Retirement Incomes across OECD Countries," Books, Edward Elgar Publishing, number 2275.
    41. repec:fth:harver:1490 is not listed on IDEAS
    42. Carl Emmerson & Sarah Tanner, 2000. "A note on the tax treatment of private pensions and Individual Savings Accounts," Fiscal Studies, Institute for Fiscal Studies, vol. 21(1), pages 65-74, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kemmerling, Achim & Neugart, Michael, 2009. "Financial market lobbies and pension reform," European Journal of Political Economy, Elsevier, vol. 25(2), pages 163-173, June.
    2. Susanne Pech, 2004. "Tax Incentives for Private Life Annuities and the Social Security Reform: Effects on Consumption and on Adverse Selection," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 60(4), pages 556-556, December.
    3. Craig P. Aubuchon & Juan Carlos Conesa & Carlos Garriga, 2011. "A primer on social security systems and reforms," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 19-35.

    More about this item

    JEL classification:

    • H2 - Public Economics - - Taxation, Subsidies, and Revenue

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:9556. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: http://edirc.repec.org/data/nberrus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.