Abstract
This chapter discusses how the UK government can encourage households to save for retirement, especially in a situation where many households rely on private pensions rather than social security for their retirement income. Retirement saving is considered important by citizens in the UK who are concerned about the gap between how much working-age individuals should save for retirement and what they actually save. The discussion focuses on two policy experiments in the last two decades, the Personal Pensions in April 1998 and Stakeholder Pensions in April 2001. It also explains the reform of Personal Pension Incentives in the Mid-1990s; rationale for Stakeholder Pensions; Stakeholder Pensions; and contribution ceilings, empirical analysis, econometric results, alternative explanations and interpretation, and conclusions.
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