The balance between Defined Benefit, Defined Contribution, and state provision

• 成果类型: Article; Proceedings Paper
• 署名作者: Banks, J; Blundell, R; Emmerson, C
• 署名单位: University of London; University College London; University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• 发表日期: 2005
• 页码: 466-476
• 关键词: risk; retirement; britain

摘要

We examine the possible consequences of the increasing shift from Defined Benefit to Detined Contribution arrangements for private pensions. Whilst much analysis has focused on the possible distribution of investment and job tenure risk, we point out the additional role for issues relating to adverse selection and to retirement incentives. These issues are illustrated using empirical evidence from the United Kingdom, where the fact that private pensions are an alternative, as opposed to a supplement, to earnings-related state pension provision makes the effects particularly salient.