The reason why both earnings growth and inflation matter for the state pension is the pensions 'triple lock'. In place since 2011 (except for a one-year temporary suspension in 2022), under the triple lock the state pension rises in line with the highest of CPI inflation, average earnings growth...

The late 1980s saw a major shift in pension provision in the United Kingdom, when for the first time individuals were permitted to opt out of part of the social security program into individual retirement saving accounts (Personal Pensions). At the same time, membership of company-provided...

It is well known that in the UK defined benefit pensions are more prevalent in the public sector than in the private sector. Furthermore, we find that the average value of accrual to members of both defined benefit pensions and defined contribution pensions is lower in the private sector than in...

This paper examines changes in health and disability related transfers in the UK over the last thirty years, and describes how they are related to changes in labour force participation. The objective is to present a comprehensive description of the reforms to the institutional setting, along...