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Preparing for retirement: the pension arrangements andretirement expectations of those approaching state pension age in England

Banks, J; Emmerson, C; Oldfield, Z; (2005) Preparing for retirement: the pension arrangements andretirement expectations of those approaching state pension age in England. UCL (University College London), The Institute for Fiscal Studies Green open access

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Abstract

This paper provides a detailed analysis of individuals inhouseholds in England aged between 50 and the State PensionAge in terms of their private pension arrangements and currentnon-pension assets alongside their expectations of futureeconomic circumstances. Our descriptive findings include thatmembers of defined benefit pensions have higher average levelsof current earnings than members of defined contributionpensions and that median expected private pension income inretirement is highest for current members of defined benefitschemes. We find that on average those who have, or have had,a private pension have greater non-pension wealth than thosewho have never had a private pension. In terms of expectationsof the future we find that it is those who have the fewest assetswho have the least attachment to the labour market and are farless likely to expect any inheritance. Hence we conclude thatinequalities in different dimensions of retirement resources tendto reinforce themselves as opposed to offset each other.

Type: Report
Title: Preparing for retirement: the pension arrangements andretirement expectations of those approaching state pension age in England
Open access status: An open access version is available from UCL Discovery
Additional information: Imported via OAI, 7:29:00 9th Mar 2007; Imported via OAI, 7:29:01 26th Jun 2007
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/2713
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