The vast majority of the next generation of pensioners will have resources in excess of the adequacy benchmarks typically used in the policy debate but many may not get as much private pension income as they expect.
These conclusions emerge from an analysis by researchers at the Institute for Fiscal Studies of new data on thousands of individuals in England aged between 50 and the State Pension Age (SPA) in 2002. The dataset includes detailed information about the value of their pensions (state and private), housing and other wealth, as well as expectations of inheritance and the length of their working lives. The report provides the most detailed picture yet of the provision that those soon to be pensioners in England have made for their retirement and their expectations of the future. It is particularly timely given the imminent release of the second report of the Pensions Commission on 30 November 2005.
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.
Zoe Oldfield
Zoe is Head of Data Services. She joined the IFS in 1998 as a researcher and moved into Data Services in 2011.
Gemma Tetlow
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