This project analyzes the impact on self-reported retirement expectations, saving, and preparedness for retirement of three reforms implemented in the United Kingdom since 2010. The first reform raised the earliest age at which individuals can receive a state pension. The second reform automatically enrolled most private sector employees into workplace pension plans. A third set of reforms lowered the benefit amount for many public-sector employees through changes in the inflation index, full retirement age, and salary base from which the pension is calculated. By analyzing retirement expectations and saving responses, the potential impact of these reforms can be evaluated long before affected workers reach retirement age.
How Do Individuals’ Retirement Expectations, Self-Reported Preparedness for Retirement and Self-Reported Saving Behavior Respond to Major Pension Reforms?
Investigators: Carl Emmerson, Rowena Crawford, and David Sturrock (UK, Institute for Fiscal Studies)
Labor force participation
Measuring sources of income and adequacy