The New Pension Scheme in Britain

Public pensions in the medium term: Projected expenditure, and options for change

“…Part of the reason why the contribution rate remains stable despite adverse trends is that SERPS entitlements have been cut back sharply as a result of the Social Security Act 1986. This was a consequence of previous concern as to the 'cost of SERPS' (Hemming and Kay, 1982; see Creedy and Disney, 1988 for a description and evaluation of the reforms).…”

The 1988 Social Security Reforms

“…The programme of social security reform overseen by the then Secretary of For a more detailed discussion of this issue, see Creedy and Disney (1988).…”

“…The extension of the qualifying period from the twenty best years to average lifetime earnings will hit those with fluctuating earnings more heavily than those with relatively stable income profiles. The reduction in the proportion I' A more extensive evaluation of the changes may be found in Creedy and Disney (1988). of the SERPS entitlements of a spouse which can be inherited will particularly hit elderly women, whose husbands are much more likely to die before their spouses than to outlive them.…”

The taxation of private pensions

“…Employers also enjoy reductions in their NICs. (For a detailed discussion of SERPS, see Creedy and Disney (1988). )…”