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The UK Pensions Commission released its second report on November 30. The Commission's recommendations included a gradual move to a more generous universal basic pension but partially offsetting any associated rise in pension expenditures by increasing the State Pension Age. These recommendations are in line with those proposed by the OECD in its 2005 Economic Survey of the United Kingdom and in last year’s report on Ageing and Employment Policies: United Kingdom.
The selection of OECD documents below will help you better understand this major issue in the context of an ageing population.
Essential reading:
OECD supports pension reform in the UK but calls for broader measures to encourage older people to work longer
29-Nov-2005
The OECD has stressed that pension reform is only the beginning of the road to cope with the challenges faced by the UK as a result of population ageing. Living longer must mean working longer in order to sustain growth in living standards and adequate incomes in retirement.
Economic Survey of the United Kingdom 2005: Pensions: Options for Reform
12-Oct-2005
Reforms should reduce the complexity of the pension system and its reliance of means testing. Fiscal costs could be met by raising the state pension age and better targeting of tax relief for pension contributions.
Effectiveness of tax incentives to boost (retirement) saving: theoretical motivation and empirical evidence
20-Jun-2005
Orazio P. Attanasio, James Banks and Matthew Wakefield
Household level evidence from the United States and the United Kingdom on the effectiveness of tax favours in boosting retirement saving. OECD Economic Studies No. 39.
Ageing and Employment Policies: United Kingdom
27-Sep-2004
Further pension reform is required to simplify the system and encourage later retirement while ensuring adequate incomes in retirement. The simplest approach would be to provide a higher basic universal State Pension accompanied in the longer run by an increase in the State Pension Age. But other measures are also required to improve the rewards to working and the attractiveness of work at an older age. Read the country note: OECD urges UK to do more to encourage older people to work longer
Further reading:
Event
High-Level Forum on Ageing and Employment Policies, Brussels, 17-18 October 2005 - Chair’s conclusions, Bruno Tobback, Belgian Minister for Pensions
18-Oct-2005
Faced with population ageing, longer working lives must be encouraged. This was the key issue addressed by OECD Employment Ministers at a meeting in Brussels held the 17-18 October. Read also the news release: Living longer must mean working longer
Key publications and documents:
Ageing and Pension System Reform: Implications for Financial Markets and Economic Policies
28-Nov-2005
This report, prepared at the request of Deputies of the G10, reviews economic consequences of ageing populations for financial markets and recommends that governments help facilitate development of financial instruments to support retirement savings and pensions.
The labour market impact of rapid ageing of government employees: Some illustrative scenarios
13-Sep-2005
This paper estimates and discusses some of the potential labour market implications arising from the rapid ageing of government employees in a number of OECD countries. Economics Department Working Paper 441 by Jens Høj and Sylvie Toly.
OECD Economic Studies No. 39: Tax-Favoured Retirement Saving
23-Jun-2005
OECD Economic Studies No. 39 is a Special Issue on the topic of Tax-Favoured Retirement Saving, dealing with the following issues: what will be the future impact of tax-favoured retirement saving on government budgets? How large are the tax subsidies across countries? How effective are tax favours in stimulating private saving? How can retirement saving be stimulated most effectively?
Private Pensions: OECD Classification and Glossary
22-Apr-2005
Discussions on pension policy are often unnecessarily complicated by misunderstandings over basic definitions. The OECD has published a classification of private pension systems that is applicable world-wide, including a separate glossary of terms used in the private pensions field.
Pensions at a Glance - Public Policies across OECD Countries 2005 Edition
17-May-2005
The first comprehensive book of its kind, this comparison of key features of pension systems of OECD countries provides coverage of retirement ages, benefit accrual rates, ceilings, and indexation.
Selection of OECD Pensions at a Glance 2005 indicators: how does your country compare?
02-May-2005
Gross pension replacement rates, Net pension replacement rates, and Pension wealth.
Policy Brief : Solving the Pensions Puzzle
31-Mar-2005
This policy brief presents a comparison of public pension policies in OECD countries. It shows levels of pension benefits that today's workers will be entitled to in the future. For the first time, replacement rates are calculated both gross and net of taxes.
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