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Private Pensions (private + pension)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	100%

Selected Abstracts

Distributional Implications of Tax Relief on Voluntary Private Pensions in Spain,

FISCAL STUDIES, Issue 2 2007
José-Ignacio Antón
Using taxation statistics, this paper explores the distributional implications of tax relief on private pensions in Spain in 2002. For this purpose, the author suggests a decomposition of the Kakwani index and its generalisations that allows us to distinguish between the regressivity caused by targeting and that due to benefits allocation among recipients. This paper finds that these tax incentives are regressive - mainly for the latter reason - and have negative although small distributional effects. Finally, this work presents several proposals for reform of the current system and simulates their implications for equity. [source]

A Note on the Tax Treatment of Private Pensions and Individual Savings Accounts

FISCAL STUDIES, Issue 1 2000
CARL EMMERSON
The UK government is planning to introduce stakeholder pensions from April 2001 as an alternative to existing personal pensions for people on moderate earnings. But stakeholder pensions are only one way to save for retirement; the new tax-free Individual Savings Account (ISA) is another. This note compares the tax treatments of pensions and ISAs and assesses the conditions under which the tax treatment of private pensions is more generous than that of an ISA to a basicrate taxpayer , the typical target for stakeholder pensions. The abolition of dividend tax credits paid to pension funds in July 1997 reduced the relatively tax-favoured position of pensions, but the tax-free lump sum means that private pensions continue to be a tax-favoured form of saving at most reasonable rates of return. We show that employer contributions to private pensions are particularly tax-favoured. [source]

Would you like to shrink the welfare state?

ECONOMIC POLICY, Issue 32 2001
A survey of European citizens
The fundamental problems facing European welfare states , high unemployment and unsustainable public pensions plans in particular , have been in the political debate for years, so why have we seen so little reform? To find out, we surveyed the opinions of citizens in France, Germany, Italy and Spain on their welfare states and on various reform options. This is what we found. First, most workers underestimate the costs of public pensions, though they are aware of their unsustainability. Second, the status quo is a majoritarian outcome: a majority of citizens opposes cuts to social security and welfare spending, but also opposes further increases. Since population ageing without reform implies an automatic expansion, our results suggest that most citizens would favour reforms that stabilize but do not shrink the current welfare states. Third, many would welcome changes in the allocation of benefits. A large number of workers in Italy and Germany would be willing to opt out of public pensions and replace them with private pensions, though the details of how this scheme is formulated matter for its popularity. And many Italians and Spaniards would welcome an extension of the coverage of unemployment insurance. Fourth, conflicts over the welfare state are mainly shaped by the economic situation of the respondent, while political ideology plays a limited role. Disagreements are found along three dimensions: young versus old, rich versus poor, and ,outsider' versus ,insider' in terms of labour market status. From a practical point of view, this suggests that there is scope to bundle reforms strategically in order to build a large and mixed coalition of supporters. , Tito Boeri, Axel Börsch-Supan and Guido Tabellini [source]

Distributional Implications of Tax Relief on Voluntary Private Pensions in Spain,

Economic Capabilities, Choices and Outcomes at Older Ages,

FISCAL STUDIES, Issue 3 2006
James Banks
Abstract Intense policy and academic interest in the ,economics of ageing' has come about as a result of the demographic trends that have been experienced over the last 50 years and that are projected for the next 50 years. Key economic policy issues relate to the design of public pensions, welfare systems, healthcare and invalidity benefits, and the regulation of private pensions and other retirement saving. This paper presents an overview of the beginnings of a research agenda targeted towards increasing the empirical evidence on these issues in England and providing extensive data for subsequent research. The paper focuses on summarising some recent data on how individuals' economic circumstances, and in particular the ability and willingness to work, change from age 50 onwards. This will be a key factor in determining the ability of economic institutions to adjust to new socio-demographic equilibria in which individuals are living for longer. Further issues for more extensive empirical research are also identified. [source]

Private Pension Arrangements and Retirement in Britain,

FISCAL STUDIES, Issue 1 2005
James Banks
Abstract This paper looks at the policy debate surrounding private pensions and retirement patterns in the UK. Recent increases in longevity have led not only to increased pressures in public pensions but also to corresponding increases in the importance of private pensions in the UK and changes in the way in which they are structured. We consider the economic implications of these changes, and in particular the increased importance of defined contribution plans. In addition, we discuss the prospects for future trends in retirement ages. [source]