Why do people invest in personal pension plans?

Barrero, Félix Domínguez; Laborda, Julio López

doi:10.1080/00036840500461956

Cited by 9 publications

(9 citation statements)

References 9 publications

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“…4 A more detailed description of tax relief on private pensions in Spain can be found inAntón (2007) andDomínguez-Barrero andLópez-Laborda (2007). 4 A more detailed description of tax relief on private pensions in Spain can be found inAntón (2007) andDomínguez-Barrero andLópez-Laborda (2007).…”

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confidence: 99%

Supplementary private pensions and saving: evidence from Spain

Antón

Bustillo

Fernández‐Macías

2014

Journal of Pension Economics and Finance

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This paper analyzes the effect of private supplementary pensions (and the tax reliefs that aim to stimulate such plans) on national saving in Spain. It tries to test the alleged positive effects of private pension plans on savings. Using a longitudinal dataset and fixed-effects methods, we find that tax-favored contributions to a pension fund are not associated with a lower consumption level, which implies that this policy does not increase national saving. The empirical results on the impact of contributions on private household wealth are less clear.JEL CODES: D91, H31, I38

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confidence: 99%

Supplementary private pensions and saving: evidence from Spain

Antón

Bustillo

Fernández‐Macías

2014

Journal of Pension Economics and Finance

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“…The use of a Tobit model for censored dependent variables is well documented in compensation studies. Domínguez‐Barrero and López‐Laborda (2007) use a Tobit model to estimate the determinants of personal pension plans, while Brian, Hwang, and Lilien (2000) employ a Tobit model to estimate the determinant of CEO stock‐based compensation.…”

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confidence: 99%

Inside debt and firm risk‐taking: Evidence from the UK pension reform

Zhao

2020

Business Fin & Account

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This paper provides new evidence on the relation between CEO inside debt and firm risk‐taking by exploiting the change in the tax treatment of UK pensions following two pension amendments. The 2006 pension reform introduces the annual and lifetime allowance for UK pension schemes, significantly increasing income taxes associated with CEO inside debt. The 2011 allowance cut, which substantially reduces the annual allowance introduced in 2006, further increases income taxes on inside debt. We find that CEO inside debt, in the form of executive pensions declines after the 2006 reform while cash‐in‐lieu increases significantly. This effect is more severe after the 2011 allowance cut than the 2006 pension reform. UK firms appear to substitute away from pensions towards cash‐in‐lieu, where income taxes are less punishing. If the association between CEO inside debt and firm risk‐taking is causal, we should observe a change of risk‐taking after the decline of inside debt. Our results, which exploit the exogenous nature of the reforms, show that the decline of CEO pensions does not lead to any change in firm risk‐taking. This result suggests that no causal relationship exists between CEO inside debt and firm risk‐taking. Our results extend the inside debt literature, where empirical evidence is mainly documented in the US. Contrary to findings in the US, our evidence suggests that the use of CEO inside debt is motivated to minimise income tax rather than a tool to moderate firm risk.

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“…Besides information problems young people might have a higher discount rate than older people and prefer to spend more money on consumption and do not care for old age. Less provision by single adults and people with 31 An analysis for the composition of a pension plan portfolio has been carried out by Domínguez-Barrero and López-Laborda (2007) for Spain. By estimating the influence of different factors on the amount of contributions to different kinds of pension plans they reach results that are similar to ours.…”

Section: Resultsmentioning

confidence: 99%

What Determines the Demand for Occupational Pensions in Germany?

Dummann¹

2007

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. What determines the demand for occupational pensions in Germany? Terms of use: Documents in SOEPpapers on Multidisciplinary Panel Data Research at DIW BerlinThis series presents research findings based either directly on data from the German SocioEconomic Panel Study (SOEP) or using SOEP data as part of an internationally comparable data set (e.g. CNEF, ECHP, LIS, LWS, CHER/PACO). SOEP is a truly multidisciplinary household panel study covering a wide range of social and behavioral sciences: economics, sociology, psychology, survey methodology, econometrics and applied statistics, educational science, political science, public health, behavioral genetics, demography, geography, and sport science.The decision to publish a submission in SOEPpapers is made by a board of editors chosen by the DIW Berlin to represent the wide range of disciplines covered by SOEP. There is no external referee process and papers are either accepted or rejected without revision. Papers appear in this series as works in progress and may also appear elsewhere. They often represent preliminary studies and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be requested from the author directly.

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Why do people invest in personal pension plans?

Cited by 9 publications

References 9 publications

Supplementary private pensions and saving: evidence from Spain

Supplementary private pensions and saving: evidence from Spain

Inside debt and firm risk‐taking: Evidence from the UK pension reform

What Determines the Demand for Occupational Pensions in Germany?

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