Pension Provision and Retirement Saving: Lessons from the United Kingdom
We describe the trajectory of pension reform in the United Kingdom, which has focussed on keeping the cost of public pension programmes down during a period of steady population ageing whilst attempting to maintain an adequate minimum level of income security for low income households in retirement. Instruments for achieving these aims have been to target public benefits on low income households, permitting individuals to opt out of the second tier of the public programme into private retirement accounts, and the use of tax incentives to encourage additional private retirement saving. Frequent reforms to the pension programme raise the question of whether households can make reasonable private retirement saving provision in the light of growing complexity and potential shortcomings in individual decision-making. This paper sheds some light on these issues.
|Date of creation:|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (44) 0115 951 5620
Fax: (0115) 951 4159
Web page: http://www.nottingham.ac.uk/cfcm/index.aspx
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Richard Disney & Carl Emmerson, 2005. "Public pension reform in the United Kingdom: what effect on the financial well-being of current and future pensioners?," Fiscal Studies, Institute for Fiscal Studies, vol. 26(1), pages 55-81, March.
- Kevin Milligan, 2000.
"How Do Contribution Limits Affect Contributions to Tax-Preferred Savings Accounts?,"
Social and Economic Dimensions of an Aging Population Research Papers
27, McMaster University.
- Milligan, Kevin, 2003. "How do contribution limits affect contributions to tax-preferred savings accounts?," Journal of Public Economics, Elsevier, vol. 87(2), pages 253-281, February.
- Richard Disney & Carl Emmerson & Matthew Wakefield, 2007. "Tax reform and retirement saving incentives: evidence from the introduction of stakeholder pensions in the UK," IFS Working Papers W07/19, Institute for Fiscal Studies.
- 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.
- Richard Disney, 2006. "Household Saving Rates and the Design of Public Pension Programmes: Crossâ€“Country Evidence," National Institute Economic Review, National Institute of Economic and Social Research, vol. 198(1), pages 61-74, October.
- John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2006.
"Are Americans Saving "Optimally" for Retirement?,"
Journal of Political Economy,
University of Chicago Press, vol. 114(4), pages 607-643, August.
- Woojin Chung & Richard Disney & Carl Emmerson & Matthew Wakefield, . "Public policy and retirement saving incentives in the UK," Discussion Papers 06/03, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
- 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.
When requesting a correction, please mention this item's handle: RePEc:not:notcfc:07/01. 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: (Hilary Hughes)
If references are entirely missing, you can add them using this form.