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The Pensions Green Paper: A Generational Accounting Perspective
Phil Agulnik, Roberto Cardarelli and James Sefton
The Economic Journal
Vol. 110, No. 467, Features (Nov., 2000), pp. F598-F610
Stable URL: http://www.jstor.org/stable/2667768
Page Count: 13
You can always find the topics here!Topics: Environmental policy, Net income, Retirement, Pension plans, Intergenerational accounting, Income taxes, Funding, Income estimates, Entitlement programs, Ecological sustainability
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In this note we show how the policy proposals contained in the government's Green Paper on pensions (DSS, 1998) affect the long term sustainability of the UK's public finances and redistribution between current and future generations. Using the methodology of generational accounting we show that the proposals in the Green Paper will marginally increase the tax rise needed to ensure intertemporal solvency, and slightly worsen generational imbalances. The effect of implied changes in National Insurance Contributions, and the fiscal and generational implications of fully funding the proposed State Second Pension, are also discussed.
The Economic Journal © 2000 Royal Economic Society