This paper discusses the way in which payments from pooled annuity funds need to be adjusted to take account of the fact that future mortality rates are uncertain. Mortalityadjusted annuities, as we describe payments from the pooled fund are variable annuities in which aggregate mortality risk...

We develop a simulation model of household behaviour in which both the consumption/saving and labour/leisure choices are endogenous. This model is used to explore the effects of the UK and Danish state tax and benefit systems on the labour supply of old and older workers. We find that, in broad...

The National Employment Savings Trust (NEST) is a new pension scheme that will be introduced for employees on modest incomes in the UK from 2012. This paper draws out the implications of the NEST, focusing upon low-paid employees and their employers using data from the Annual Survey of Hours and...

Recent pensions policy debate in the United Kingdom has emphasised the role of behavioural myopia in justifying state involvement in retirement provision (e.g. Pensions Commission, 2005, pp. 68-69, and op.cit.). In this regard, it appears that public debate has gotten slightly ahead of the...