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This report is designed to provide new evidence on retirement patterns in the UK, as part of the Pensions Review, a larger project run by the IFS in partnership with the abrdn Financial Fairness Trust, which is examining the future of financial security in retirement. Understanding patterns of...
Persistent link: https://www.econbiz.de/10014414238
The reason why both earnings growth and inflation matter for the state pension is the pensions 'triple lock'. In place since 2011 (except for a one-year temporary suspension in 2022), under the triple lock the state pension rises in line with the highest of CPI inflation, average earnings growth...
Persistent link: https://www.econbiz.de/10014343049
This report makes the case for a new review of the pension system in the UK. There are a number of key challenges facing future generations of pensioners that threaten their living standards in retirement and which, without policy action, mean many are likely to face substantial financial...
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Longer working lives offer many benefits, but achieving these can pose challenges for individuals, employers and policymakers. In order to support people in their 50s and 60sto remain in paid work for longer, it is imperative that we have a good picture of what paid work looks like at older...
Persistent link: https://www.econbiz.de/10012584682
The tax system treats funds that remain in a pension at death extremely favourably. Where an individual dies before age 75, funds remaining in their pension escape income tax entirely - there was income tax relief when the money was paid into the pension and no income tax when the money is taken...
Persistent link: https://www.econbiz.de/10013466441
There have been dramatic changes in the patterns of work among people in their 50s and 60s over the last 50 years. The gradual increases in employment since the mid-1990s are generally welcome. A longer working life boosts household incomes, as people are reliant on their wages and salaries for...
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How should pensions be taxed? We propose income tax and National Insurance reforms that would more evenly support pension saving. Pensions are the biggest component of household wealth and are treated favourably by the tax system. That means getting pensions tax design right matters. It matters...
Persistent link: https://www.econbiz.de/10013549061