A report provided findings from survey research that tracked attitudes and behaviours regarding workplace pensions, and in particular the automatic enrolment law. The report was part of an evaluation process for the government's ongoing workplace pensions advertising campaign.
Source: Pensions Portfolio: Communications tracking research ï¿½ findings from the March 2014 survey, Department for Work and Pensions
A report examined how the level of undersaving for retirement might change under various policy and economic scenarios. The report examined the existing situation, and the estimated undersaving changes under five themes: higher labour market participation among people aged between 50 and state pension age; opt-out rates from automatic enrolment into workplace pension schemes; the level at which people contributed to private pension saving; the way in which the new state pension would be uprated each year; and the starting rate of the new state pension.
Source: Scenario Analysis of Future Pension Incomes, Department for Work and Pensions
A new book examined pensions reforms measures in the United Kingdom, Germany, France, and the United States of America. It said that, despite differences in the pensions systems, similar measures had been taken to encourage or impose delayed take-up of state pensions, and it explored the underlying policy rationale and aims, and whether they addressed the same problem.
Source: Catherine Blair, Securing Pension Provision: The challenge of reforming the age of entitlement, Palgrave Pivot
A report by a committee of MPs said that the Scottish Government had not properly costed its post-independence proposals for public and private pensions, and that, in the event of a vote in favour of independence, there was doubt over whether a new benefits system could be set up by the proposed implementation deadline of 2018.
Source: The Referendum on Separation for Scotland: Implications for pensions and benefits, First Report (Session 201415), HC 498, House of Commons Scottish Affairs Select Committee, TSO
A report examined consumersï¿½ views about risk sharing in pension schemes, the 'appetite' for greater certainty in relation to pension costs and saving, and views about the government's proposed defined ambition schemes.
Source: Defined Ambition: Consumer perspectives – qualitative research among employers, individuals and employee benefit consultants, Research Report 866, Department for Work and Pensions
A report provided a summary of evidence on consumer perspectives on defined ambition pension schemes.
Source: Defined Ambition: Consumer evidence summary, Ad Hoc Research Report 5, Department for Work and Pensions
The Queen's Speech set out the United Kingdom coalition government's legislative programme for 2014-15. It included plans for a Pensions Tax Bill and a Private Pensions Bill to introduce wider choice in the private pensions market, including 'collective schemes' that pooled risk between members, and to provide individuals with choice in how they accessed their pension benefits.
Source: Queen's Speech, 4 June 2014, columns 1-4, House of Commons Hansard, TSO
Links: Hansard | Prime Ministers Office briefing | Cabinet Office guidance | PMO/DPMO press release | NI Office press release | Scotland Office press release | Wales Office press release | Independent Age press release | NAPF press release | PwC press release | TUC press release | BBC report | Guardian report | Telegraph report
A think tank report outlined recommendations to remove tax reliefs on pensions in the United Kingdom, in order to incentivize pension saving through making a Treasury contribution of 50 pence for every £1 saved (up to an annual limit).
Source: Michael Johnson, Retirement Saving Incentives: The end of tax relief and a new beginning, Centre for Policy Studies
A study examined workers' experiences of automatic enrolment in workplace pensions in the United Kingdom and the characteristics and motivations of those who decided to opt out of or leave their scheme after being automatically enrolled. The report said that workers' decisions were based on a variety of motivations stemming from their personal circumstances and, although most cited several, often interdependent, motivations, there were six main 'types' of worker who opted out: those who were concerned about affordability; those with other financial priorities; workers who had made other provision; people with insufficient years to build up savings (typically aged over 50); those who anticipated imminent changes in their employment; and those who perceived the contribution rate as too low.
Source: Andrew Wood, Kate Downer, Christoph Korbitz, and Louise Amantani, Automatic Enrolment: Experiences of workers who have opted out – a qualitative research study, Research Report 862, Department for Work and Pensions
A paper examined to what extent differences in employment rates among people in better and worse health in the United Kingdom could be explained by the availability of publicly-funded disability benefits and by retirement income schemes.
Source: James Banks, Carl Emmerson, and Gemma Tetlow, Effect of Pensions and Disability Benefits on Retirement in the UK, Working Paper 19907, National Bureau of Economic Research
A report examined financial well-being among older people in the United Kingdom. Noting a wide diversity among the age group, it discussed patterns of spending, mortgage and other borrowing, wealth, and the relationships between financial well-being and quality of life in older age.
Source: Financial Wellbeing in Later Life Evidence and Policy, International Longevity Centre – UK
The financial services watchdog said that some parts of the annuities market were not working well for some consumers. The report said that the review had found that 80 per cent of consumers who purchased their annuity from their existing provider could find a better product on the open market. It said there were two groups of consumers particularly at risk of not getting a good deal: those with small pension funds; and those who would be eligible for an enhanced annuity. The FCA announced that it would now conduct a competition market study on products for retirement income.
Source: Thematic Review of Annuities, TR14/2, Financial Conduct Authority
An article examined issues and risks surrounding the privatization of personal pensions, and discussed the regulatory complexities, related governance problems, and possible measures to restore public confidence and trust.
Source: Noel Whiteside, 'Privatization and after: time, complexity and governance in the world of funded pensions', Transfer: European Review of Labour and Research, Volume 20 Number 1
A think-tank report examined pensions policy in the United Kingdom. It said that 11 million people were at risk of entering 'pensioner poverty' on retirement. The report recommended that the government should make saving mandatory by removing the opt-out in the existing auto-enrolment scheme, and by increasing individual contributions to pensions as incomes rose over time. It also discussed choice in the annuities market, recommending that the government should issue annuities bonds.
Source: James Barty, Help to Save: Defusing the pensions time bomb, Policy Exchange