Pension Provision and Retirement Saving: Lessons from the United Kingdom

Richard Disney, Carl Emmerson and Matthew Wakefield

Social and Economic Dimensions of an Aging Population Research Papers from McMaster University

Abstract: 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.

Keywords: pensions; social security; retirement saving (search for similar items in EconPapers)
JEL-codes: D91 H55 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2007-02
New Economics Papers: this item is included in nep-eec and nep-pbe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Pension Provision and Retirement Saving: Lessons from the United Kingdom (2008)
Working Paper: Pension Provision and Retirement Saving: Lessons from the United Kingdom (2007)
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