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Pension Schemes and Incentives: Case Studies from Australia and the United Kingdom

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  • John Creedy
  • Richard Disney

Abstract

The use of selective benefits, directed to those considered most in need, has a high ‘poverty reduction efficiency’. But selectivity inevitably produces non‐linearities in the budget constraints facing individuals, which may have incentive effects. The design of a tax and transfer scheme requires these two aspects to be carefully balanced. This article considers the issues in the context of means‐testing within the Australian and UK State pension schemes. In the Australian case, the main question concerns the incentive to save, while in the UK scheme the ‘earnings rule’ presents a strong disincentive to work beyond pension age.

Suggested Citation

  • John Creedy & Richard Disney, 1990. "Pension Schemes and Incentives: Case Studies from Australia and the United Kingdom," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 23(1), pages 23-32, March.
    • Handle: RePEc:bla:ausecr:v:23:y:1990:i:1:p:23-32
    DOI: 10.1111/j.1467-8462.1990.tb00348.x
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    References listed on IDEAS

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    1. I.G. Manning, 1984. "Income Tests in the Australian Social Security System," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 17(1), pages 34-48, April.
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    Cited by:

    1. David Ingles & Miranda Stewart, 2017. "Reforming Australia's Superannuation Tax System and the Age Pension to Improve Work and Savings Incentives," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 4(3), pages 417-436, September.
    2. Disney, Richard & Whitehouse, Edward, 2001. "Cross-country comparisons of pensioners’ incomes," MPRA Paper 16345, University Library of Munich, Germany.
    3. M. Atkinson & John Creedy & David Knox, 1999. "Alternative Retirement Income Arrangements and Lifetime Income Inequality: Lessons From Australia," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 6(1), pages 103-117, February.

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