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A New Pension Settlement for the Twenty-First Century? The UK Pensions Commission's Analysis and Proposals

A New Pension Settlement for the Twenty-First Century? The UK Pensions Commission's Analysis and Proposals
Author: John Hills
Publisher:
Total Pages:
Release: 2010
Genre:
ISBN:

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This article summarizes the analysis and recommendations of the UK Pensions Commission, which reported in November 2005. The UK faces similar demographic challenges to other nations from increasing longevity and past fertility declines. However, in the face of them, both state and private pension provision are in decline for younger cohorts. The Commission proposes reforms to the state pension system which would make it more generous, less means-tested, and more universal than it would otherwise become. This would require both higher public spending on pensions as a share of GDP than now, and a gradual increase in state pension age after 2020. It also proposes establishment of a new National Pension Savings Scheme, into which workers would be automatically enrolled (with the right to opt out) if they were outside good employer provision, together with measures to facilitate later and more flexible retirement.


A New Pension Settlement for the Twenty-first Century

A New Pension Settlement for the Twenty-first Century
Author: Pensions Commission
Publisher: The Stationery Office
Total Pages: 476
Release: 2005-11-30
Genre: Business & Economics
ISBN: 0117036021

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The Pensions Commission is an independent body established by the Government to review the adequacy of current arrangements for private pensions and retirement savings in the UK and to make recommendations on appropriate policy changes, including the option of moving to a compulsory system. Following on from its first report (ISBN 0117027804) published in October 2004, this second report sets out the Commission's conclusions on the likely evolution of the UK pension system if policy is unchanged, and makes recommendations for a new policy direction. Recommendations are based on two key elements: the automatic enrolment of employees into either a new National Pensions Savings System or into existing company pension schemes, with an option for employees to opt-out, and with a modest compulsory employer matching contribution; and reform of state pension provision in order to make it simpler to understand and less means-tested. The Commission concludes that these reforms will require some increase in public expenditure on pensions as a percentage of GDP over the next 45 years, and that increases in state pension ages will be needed to keep that increase within sustainable levels over the long term. The Commission presents a range of possible combinations of public expenditure and state pensions ages, and calls for a public debate to consider these options. It also recommends the establishment of a successor body to continue to review the situation and report to Parliament and government every four years.


A New Pension Settlement for the Twenty-first Century

A New Pension Settlement for the Twenty-first Century
Author: Pensions Commission
Publisher: The Stationery Office
Total Pages: 316
Release: 2005-11-30
Genre: Business & Economics
ISBN: 011703603X

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The Pensions Commission is an independent body established by the Government to review the adequacy of current arrangements for private pensions and retirement savings in the UK and to make recommendations on appropriate policy changes, including the option of moving to a compulsory system. The Commission's second report sets out its conclusions on the likely evolution of the UK pension system if policy is unchanged, and makes recommendations for a new policy direction. This publication contains the appendices to the second report, including an update on data developments related to pensions policy, as well as information on analysis, research and consultation responses.


A new pension settlement for the twenty-first century

A new pension settlement for the twenty-first century
Author: Pensions Commission
Publisher: Stationery Office
Total Pages: 0
Release: 2005-11-30
Genre: Business & Economics
ISBN: 9780117036024

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The Pensions Commission is an independent body established by the Government to review the adequacy of current arrangements for private pensions and retirement savings in the UK and to make recommendations on appropriate policy changes, including the option of moving to a compulsory system. Following on from its first report (ISBN 0117027804) published in October 2004, this second report sets out the Commission's conclusions on the likely evolution of the UK pension system if policy is unchanged, and makes recommendations for a new policy direction. Recommendations are based on two key elements: the automatic enrolment of employees into either a new National Pensions Savings System or into existing company pension schemes, with an option for employees to opt-out, and with a modest compulsory employer matching contribution; and reform of state pension provision in order to make it simpler to understand and less means-tested. The Commission concludes that these reforms will require some increase in public expenditure on pensions as a percentage of GDP over the next 45 years, and that increases in state pension ages will be needed to keep that increase within sustainable levels over the long term. The Commission presents a range of possible combinations of public expenditure and state pensions ages, and calls for a public debate to consider these options. It also recommends the establishment of a successor body to continue to review the situation and report to Parliament and government every four years.


Pensions

Pensions
Author: Great Britain. Pensions Commission
Publisher: The Stationery Office
Total Pages: 20
Release: 2004
Genre: Business & Economics
ISBN: 9780117027824

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This document summarises the first report by the Pensions Commission, an independent body established by the Government (following the publication of the Pensions Green Paper ("Simplicity, security and choice: working and saving for retirement", Cm 5677, ISBN 0101567723) in December 2002) in order to review the adequacy of current arrangements for private pensions and retirement savings in the UK and to make recommendations on appropriate policy changes. The report sets out the Commission's detailed analysis of the current situation and trends in place, challenges identified and options for policy responses; and seeks to stimulate a structured, comprehensive fact-based debate about the problems facing Britain's pension system which can contribute to the development of a sustainable pensions policy. The Commission's second report is planned for Autumn 2005 and this will include specific policy recommendations, following a public consultation period to the end of January 2005. The main report ((ISBN 0117027804) and a pack containing the report, appendices and executive summary documents (ISBN 0117027812) are available separately.


Pensions

Pensions
Author: Pensions Commission
Publisher: The Stationery Office
Total Pages: 234
Release: 2004
Genre: Business & Economics
ISBN: 9780117027817

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This pack sets out the first report by the Pensions Commission, an independent body established by the Government (following the publication of the Pensions Green Paper ("Simplicity, security and choice: working and saving for retirement", Cm 5677, ISBN 0101567723) in December 2002) in order to review the adequacy of current arrangements for private pensions and retirement savings in the UK and to make recommendations on appropriate policy changes. This report sets out the Commissions detailed analysis of the current situation and trends in place, challenges identified and options for policy responses; and seeks to stimulate a structured, comprehensive fact-based debate about the problems facing Britains pension system which can contribute to the development of a sustainable pensions policy. The pack contains the main report, appendices and executive summary documents. (The main report (ISBN 0117027804) and the free executive summary (ISBN 0117027820) are available separately). The Commissions second report is planned for Autumn 2005, and this will include specific policy recommendations, following a public consultation period to the end of January 2005. However, the report does make recommendations relating to improvements in official data sources, which are discussed in an appendix and listed at the end of the main report.


Reforming Pensions

Reforming Pensions
Author: Nicholas Barr
Publisher: Oxford University Press
Total Pages: 261
Release: 2009-11-30
Genre: Business & Economics
ISBN: 0199889066

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Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.


The Making of Ageing Policy

The Making of Ageing Policy
Author: Rune Ervik
Publisher: Edward Elgar Publishing
Total Pages: 301
Release: 2013-01-01
Genre: Political Science
ISBN: 1781952485

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'This innovative book provides insightful analyses and critique of policy ideas and practices regarding the challenges and opportunities facing ageing European societies. Through pertinent case study examples, it elucidates the ideological and institutional factors that underlie policy responses in different European societies. It demonstrates the pivotal role of ideas and of international organisations in shaping the policy and practice landscape, and driving through key policy reforms in Europe. This edited book provides an invaluable resource for policy-makers, researchers and scholars interested in ageing, policy and the political process.' Sara Arber, University of Surrey UK Demographic changes transform societies and challenge existing institutional solutions and policies. The need for policies addressing these challenges has increasingly been put on the agenda. The Making of Ageing Policy analyzes these innovative policy ideas and practices at both the international and the national level. The book provides insights into the value basis and justifications of ageing policies, the potential for conflict and how policy ideas are embedded in institutional defense and advocacy for institutional change and reform. In terms of policy ideas the economically focused 'productive ageing' dominates, but the book finds instances where the broader 'active ageing' approach has gained a hold in policymaking. Ageing policy reforms within pensions and labour market policy include measures to make people extend their working life. In long-term care reforms abound, and implies changes in the responsibility of financing and provision but the patterns across countries differ substantially. The authors provide normative analysis of ageing policy ideas, divulge political conflicts and consensus on ageing policy, and contribute by describing and analyzing the changing institutional landscape of ageing politics and policies throughout Europe. It will prove insightful for academics and researchers in the field, but it will also appeal to practitioners who are increasingly dealing with demographic challenges across a wide number of policy sectors in their daily affairs.


Pensions

Pensions
Author: Pensions Commission
Publisher: Stationery Office/Tso
Total Pages: 583
Release: 2004
Genre: Business & Economics
ISBN: 9780117027817

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This pack sets out the first report by the Pensions Commission, an independent body established by the Government (following the publication of the Pensions Green Paper ("Simplicity, security and choice: working and saving for retirement", Cm 5677, ISBN 0101567723) in December 2002) in order to review the adequacy of current arrangements for private pensions and retirement savings in the UK and to make recommendations on appropriate policy changes. This report sets out the Commissions detailed analysis of the current situation and trends in place, challenges identified and options for policy responses; and seeks to stimulate a structured, comprehensive fact-based debate about the problems facing Britains pension system which can contribute to the development of a sustainable pensions policy. The pack contains the main report, appendices and executive summary documents. (The main report (ISBN 0117027804) and the free executive summary (ISBN 0117027820) are available separately). The Commissions second report is planned for Autumn 2005, and this will include specific policy recommendations, following a public consultation period to the end of January 2005. However, the report does make recommendations relating to improvements in official data sources, which are discussed in an appendix and listed at the end of the main report.