What happens to workplace pension saving when employers are obliged to enrol employees automatically?

Emmerson, Carl; Cribb, Jonathan

doi:10.1007/s10797-019-09565-6

Cited by 22 publications

(40 citation statements)

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“…By March 2018, all employers had to enrol their targeted employees automatically . Cribb and Emmerson () find that this policy has caused the workplace pension membership of targeted private‐sector employees to rise by 36 percentage points, and the increase has been larger for younger workers than older workers, a fact that can also be seen clearly in Figure .…”

Section: Resultsmentioning

confidence: 86%

Intergenerational Differences in Income and Wealth: Evidence from Britain

Cribb

2019

Fiscal Studies

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How do average levels of income and wealth differ in Britain for those born between the 1930s and 1980s? Those in the 1980s cohort are the first post‐war generation not to have higher median incomes in their early 30s than those born a decade earlier, though they have much higher incomes than those born in the 1960s and earlier. Median wealth for those in the 1980s cohort is 20 per cent lower in their early 30s than it was for those born in the 1970s. This is driven by lower property wealth and homeownership: 40 per cent at age 30 for the 1980s cohort, compared with 55 per cent for the 1970s cohort.

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Section: Resultsmentioning

confidence: 86%

Intergenerational Differences in Income and Wealth: Evidence from Britain

Cribb

2019

Fiscal Studies

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“…10 Cribb and Emmerson, 2016. 11 Cribb and Emmerson, 2019. The average pension contribution rate (from employer and employee contributions combined) among private sector employees fell gradually between 2005 and 2012 among all but the youngest pension members (as shown in Figure 2.1b). Since 2012, there has been a dramatic fall in average contribution rates among those who are members of a pension.…”

Section: Retirement Savingmentioning

confidence: 95%

“…As a result, saving attitudes, expectations and behaviour are likely to reflect the current economic context, including both short-and long-run trends in incomes and investment returns. 12 Cribb and Emmerson, 2019;Bourquin. Cribb and Emmerson, 2020 The biggest factor to take into account, when thinking about saving, is what has been happening to incomes.…”

Section: Economic Environmentmentioning

confidence: 99%

“…We do so using data from the Wealth and Assets Survey (WAS), a panel survey of households in Great Britain. 4 In the first 'wave' (which ran from 1 For example, Cribb and Emmerson (2019). 2 Cribb, Emmerson and Tetlow, 2016;Amin-Smith and Crawford, 2018.…”

Section: Introductionmentioning

confidence: 99%

“…The approach here is related to that ofCribb and Emmerson (2019), who estimate the impact of automatic enrolment itself on private pension membership.34 The size of an employee's workplace is not necessarily the same as the size of an employee's employer. An employer might have multiple sites (or workplaces) across the country.…”

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confidence: 99%

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Retirement expectations, attitudes and saving behaviour: how have these changed during a decade of pension reforms?

Crawford¹,

Cribb²,

Emmerson³

et al. 2020

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Executive summary 5 5.2 How do expected retirement ages vary with other characteristics? 33 5.3 Expected duration of retirement 35 6. Conclusions 37 Appendix A. Additional results 39 Appendix B. The causal effect of private pension automatic enrolment on expectations, attitudes and behaviours 44 References 50 Executive summary © Institute for Fiscal Studies 5 Executive summaryThe last decade has been one of substantial reform to the UK retirement savings environment: the state pension age for men and women has increased, the 'new state pension' was introduced, automatic enrolment into workplace pensions has been rolled out for employees, pension freedoms were introduced and there have been reforms to public sector pension schemes.In this report, we examine how individuals' retirement expectations, attitudes and saving behaviour have changed over the period 2006 to 2017 using data from the Wealth and Assets Survey. The outcomes we consider are not only of direct interest, but may also give a sense of how these reforms will affect individuals' behaviour and retirement outcomes well into the future. Key findingsPrivate pensions are increasingly expected by employees to play a role in providing retirement incomes. There has been a sizeable increase in the proportion of private sector employees expecting to get any income from a private pension in retirement -from 63% in 2013 to 78% in 2017. This suggests that the increase in private pension membership (from 52% to 74% among the same sample over the same period), driven by the introduction of automatic enrolment, does not simply reflect a 'timing effect' of individuals being brought into pension saving earlier than they would otherwise have been. The increase in the proportion of private sector employees who expect a private pension to be their largest income source in retirement has been smaller (+6 percentage points between 2013 and 2017). This suggests that many new members are expecting to receive less from a workplace pension than from at least one other source, such as the state pension, in retirement. Among the self-employed, in contrast, there has been a decline in the proportion expecting to receive any income in retirement from a private pension. This mirrors the decline in private pension membership among the self-employed, which is a trend of ongoing policy concern.Confidence in retirement incomes has increased in recent years, but levels of understanding of pensions and confidence in the adequacy of retirement incomes remain low. Only around half of individuals report that they understand enough about pensions to make decisions about saving for retirement. This low level of self-reported understanding has been persistent over the last decade, despite major pension reforms and consequent discussion of pensions in the media. The proportion of individuals who are confident that their income in retirement will give them the standard of living they hope for increased by 11 percentage points between 2008 and 2017. Despite this, confidence in the adequacy of...

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Hypernudging in the changing European regulatory landscape for digital markets

Morozovaite

2022

Policy & Internet

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The European regulatory landscape for digital markets is undergoing a transformative change. There is an observed shift toward the protection of public values and fundamental rights, as the market mechanism and market values that traditionally led regulatory processes in digital markets seem to have fallen short. In the context of the user‐centric digital economy, a clear commitment to safeguarding citizens' interests is ever‐more salient. This article provides a comprehensive account of hypernudging—dynamically personalized user steering, which represents the next generation user influencing techniques online, with the potential to lead to multifaceted individual and collective harms. However, problematizing the phenomenon for digital policy purposes is not a straightforward task. Due to the complexity and opaqueness of its underlying mechanisms and effects, policymakers are operating under conditions of uncertainty, necessitating a shared understanding of what impact hypernudging has on users as well as crafting a shared vision of values that ought to be embedded and safeguarded in digital choice architectures. To highlight the developing European approach in relation to hypernudging, the assessment of the recent legislative initiatives—the Artificial Intelligence Act, the Digital Markets Act, and the Digital Services Act—showcases underlying learning opportunities for addressing emergent challenges.

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What happens to workplace pension saving when employers are obliged to enrol employees automatically?

Cited by 22 publications

References 22 publications

Intergenerational Differences in Income and Wealth: Evidence from Britain

Intergenerational Differences in Income and Wealth: Evidence from Britain

Retirement expectations, attitudes and saving behaviour: how have these changed during a decade of pension reforms?

Hypernudging in the changing European regulatory landscape for digital markets

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