Pensions: Challenges and Choices: The First Report of the Pensions Commission, Volume 1
The Pensions Commission is 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. The remit of the Commission is 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 whether there is a case for moving beyond the current voluntarist approach. This is the Commission's first report which sets out its detailed analysis of the current situation and trends in place, challenges identified and options for policy responses. The purpose of the report is 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 report is divided into nine chapters which consider a range of issues including: the demographic challenge and unavoidable choices; trends in average retirement ages; the rise and decline of the defined benefit final salary pension; future pension inadequacy if trends remain unchanged; non-pension savings and housing; options for a revitalised voluntary approach, changes to the state system or increased compulsion; women and pensions. The Commission's second report is planned for Autumn 2005 which 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. An executive summary (ISBN 0117027820) and a pack containing the report, appendices and executive summary documents (ISBN 0117027812) are available separately.
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Past and possible
Position and trends
The rise and decline of the Defined
Pension adequacy if trends
Chapters Nonpension savings and housing
Barriers to a voluntarist solution
Revitalised voluntarism changes to the state
Women and pensions
Issues and consultation process
Summary of findings and recommendations
accrual accrued annual management charge Appendix assume average earnings average retirement ages basic rate billion buy-to-let Chapter compulsory contracted-out contribution rates DB schemes decline dependency ratio employer contributions employment rates equity release estimates expectancy expenditure Figure final salary financial wealth groups higher HM Treasury housing assets housing wealth impact implicit costs increase individuals Inland Revenue investment long-term longevity risk lower means-tested benefits median National Insurance Nl contributions non-pension financial assets non-retired Note occupational pension schemes occupational schemes option Participation PAYG pension adequacy pension contributions Pension Credit pension fund pension provision pension rights pension saving Pensions Commission analysis percentage of GDP personal pension population private pension private savings private sector public sector quintile rate of return rate tax reduce replacement rates rise scenario Second Pension SERPS SERPS/S2P significant significantly Source Survey Table trends under-savers Ungrossed