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Is it possible to design a pension system that can guarantee financial security to individuals, employers and to the state
simultaneously? In the following paper, researchers from the ESRC Centre for the Microeconomic Analysis of Public
Policy at the Institute for Fiscal Studies put forward evidence-based findings on the three key questions which
underpin the design of a fair and efficient pension system:
- Is the financial support offered to pensioners by the state in retirement sustainable in terms of the burden it places on the working population?
- Are the mechanisms by which the private financial sector helps people save for retirement sustainable in their apportionment of risk between employers and employees?
- Is the way in which the state and private systems interact sustainable in the sense that the combination promises people a reasonable degree of financial security without creating unduly powerful disincentives for them to work and save?
Authors
James Banks
James is Senior Research Fellow and Professor of Economics at Manchester, working on broad issues in the economics of retirement, savings and health.
Carl Emmerson
Carl, a Deputy Director, is an editor of the IFS Green Budget, is expert on the UK pension system and sits on the Social Security Advisory Committee.
Orazio Attanasio
Orazio is an International Research Fellow at the IFS, a Professor at Yale and a Research Associate at the National Bureau of Economic Research.
Richard Blundell
Richard is Co-Director of the Centre for the Microeconomic Analysis of Public Policy (CPP) and Senior Research Fellow at IFS.
Robert Chote
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