The authors show that older male pensioners have substantially lower incomes than younger pensioners. There are a number of possible reasons for this including under-indexation of private pensions and the running down of income producing assets. In fact, they find that cohort differences more...

The redistributive potential of state intervention is limited by the ability of individuals to contract-out of public provision. This issue is examined in the context of the UK pension scheme, using evidence for a cohort of men drawn from a sample of over 30,000 simulated individual lifetime...