120041[]208070GDP0.2[]208020121BritishHouseholdPanelSurvey,BHPSGeneralHouseholdSurvey,GHSBHPSGHS3198889120200412200423Brugiavini,A.andDisney,R.(1993)TheChoiceofPrivatePensionPlansunderUncertaintyintheUK,Mimeo,InstituteforFiscalStudies.220605050StateEarningRelatedPensionScheme,SERPS(PersonalPensionSchemes)411SERPS1,11992BHPSGHS185517111162272947167255421711693681912BHPS20-5919918GHS16BritishHouseholdPanelSruvey,1992to1998inclusive;GeneralHouseholdSurvey,1992.RichardDisney,CarlEmmerson,SarahSmith(2003):PensionReformandEconomicPerformanceinBritaininthe1980sand1990s.NBERworkingpaperseries9556.BHPS19921998840SERPS6022BHPS19921998420034321992199319941995199619971998382738273827382738273827382734.233.433.337.940.041.142.112.012.812.511.410.29.69.16.06.66.16.15.96.76.57.68.28.29.08.18.78.2/51.359.962.972.769.684.485.94.64.94.95.45.25.75.4-46.746.354.648.754.556.8BHPS2059BritishHouseholdPanelSurvey,1992-1998inclusive.RichardDisney,CarlEmmerson,SarahSmith(2003):PensionReformandEconomicPerformanceinBritaininthe1980sand1990s.NBERworkingpaperseries95562(DepartmentofSocialSecurity)5(RebateofNationalInsuranceContribution)(OccupationalPensionSchemes)19941996199419921998BHPS202020202020202080258.98.319924.619985.4199863905DepartmentofWorkandPensionsDWP6TT+1TT+1T24FamilyExpenditureSurvey,FES1975199525255199525131056FamilyResourcesSurvey,FRS1998-199928221500782085DBDC159DB80LifeCycleHypothesis,LCHContracted-out17BritishHouseholdPanelSruvey,1992to1998,GeneralHouseholdSurvey,1992.8(BasicPensionSchemes)SERPS.9NationalAssociationofPensionFundsAnnualSurveyofOccupationalSchemes,1997.5SERPSDB(DefinedBenefitschemes)5075DBDC(DefinedContributionSchemes)2SERPS(WealthEffects)SERPSSERPS(NationalInsuranceContributions)SERPSSERPSSERPSSERPSSERPSSERPSSERPSSERPS25101,00035226,000596,000SERPS70LCH1035Disney,R.andWhitehouse,E.(1993a),WillYoungerCohortsObtainaWorseDealFromtheUKStatePensionScheme?85-106inM.CassonandJ.Creedy(eds)IndustrialConcentrationandEconomicInequality,Aldershot:EdwardElgar.67114.97x70%12313(SubstitutionEffects)800.150.215-2090800.51480900.30.41540.050.30.4,19891990101998-1999GDP0.2162.5311711Ando,A.andModigliani,F.(1963):The‘LifeCycle’HypothesisofSaving,,AmericanEconomicReview,Vol.53,March,55-84.12SERPSSERPSSERPS1390TESSAsISAsEmmerson,C.andTanner,S.(2002),ANoteontheTaxTreatmentofPrivatePensionsandIndividualSavingsAccounts.FiscalStudies,No.21,March,65-74.140.15-0..2Kinganddicks-Mireaux(1982)Hubbard(1986)Jappelli(1995)0.5EngenandGale(1997,1998).15RichardDisney,CarlEmmersonandMatthewWakefield2001:PensionReformandSavinginBritain,OxfordReviewofEconomicPolicy,Vol.17,No.1(Spring).16RichardDisney,CarlEmmersonandMatthewWakefield2001:PensionReformandSavinginBritain,OxfordReviewofEconomicPolicy,17,1(Spring).1719992000HMTreasury(2001b):ProductivityintheUK:ProgressTowardsa72015Ricardianequivalence18,SERPS19208080136881992802019952001222521192118151221ProductiveEconomy.HMTreasury,London.HMTreasury(2000c):PocketDatabank.HMTreasury,London1819.DavidRicardo.)r)(1T(Tr)(1QQr)(1CC212121++−++=++1920OrazioAttanasioandJamesBanks(1998),TrendsinHouseholdSaving:ATaleofTwoCountries,WP98/15(WorkingPaper1998,No.15),TheInstituteforFiscalStudies.21JohnVerrinder(2002),SavingRateinEurope.Chart2,StatisticsinFocus,EconomyandFinance,Theme2-33/2002,EC2002.8theTaxExemptSpecialSavingsAccountTESSAtheIndividualSavingsAccountISA1990Pland’ÉpargnePopulaire2522208090PersonalEquityPlansPEP8090StakeholderPensionSchemestheIndividualRetirementAccountIRA401k401kSchemesGDP2322OrazioAttanasioandJamesBanks(1998),TrendsinHouseholdSaving:ATaleofTwoCountries,WP98/15,TheInstituteforFiscalStudies23200341988199824200342004120042Ando,A.andModigliani,F.(1963):The‘LifeCycle’HypothesisofSaving,,AmericanEconomicReview,Vol.53,March,55-84.Banks,J.andTanner,S.(1999):HouseholdSavingintheUK.ReportNo.62,London:InstituteforFiscalStudies.BritishHouseholdPanelSruvey,1992to1998,GeneralHouseholdSurvey,1992.Brugiavini,A.andDisney,R.(1993):TheChoiceofPrivatePensionPlansunderUncertaintyintheUK,Mimeo,InstituteforFiscalStudies.Disney,R.andWhitehouse,E.(1993a):WillYoungerCohortsObtainaWorseDealfromtheUKStatePensionScheme?85-106inM.CassonandJ.Creedy(eds),IndustrialConcentrationandEconomicInequality,Aldershot:EdwardElgar.DavidBlake(1995):PensionSchemesandPensionFundsinUnitedKingdom.ClarendonPressOxford.DavidCard(2002):WhatHaveTwoDecadesofBritishEconomicReformDelivered?NBERworkingpaperseries8801,Djankov,Simeon,Rafael,LaPorta,FlorencioLopez-de-Silanes,andAndreiShleifer(2000):TheRegulationofEntry.NBERWP7892.Emmerson,C.andTanner,S.(2002):ANoteontheTaxTreatmentofPrivatePensionsandIndividualSavingsAccounts.FiscalStudies,No.21,March,65-74.Engen,E.M.andGale,W.G.(1997):EffectsofSocialSecurityReformonPrivateandNational242004110Saving,103-142inS.A.SassandR.K.Triest(eds)SocialSecurityReform:LinkstoSaving,InvestmentandGrowth,FederalReserveBankofBostonConferenceSeriesNo.41,June,Boston:Mass.Gale,W.G.(1998):TheEffectsofPensionsonHouseholdWealth:ARe-evaluationoftheTheoryandEvidence,JournalofPoliticalEconomy,104,4,706-723.HMTr