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... 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Oxford Review of Economic Policy Oxford University Press

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

Oxford Review of Economic Policy, Volume 22 (1) – Jan 1, 2006

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Publisher
Oxford University Press
Copyright
Oxford Review of Economic Policy vol. 22 no. 1 2006 © The Author (2006). Published by Oxford University Press. All rights reserved.
ISSN
0266-903X
eISSN
1460-2121
DOI
10.1093/oxrep/grj008
Publisher site
See Article on Publisher Site

Abstract

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.

Journal

Oxford Review of Economic PolicyOxford University Press

Published: Jan 1, 2006

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