Chapter

Old age and retirement

Martin Evans and Lewis Williams

in A generation of change, a lifetime of difference?

Published by Policy Press

Published in print September 2009 | ISBN: 9781847423054
Published online March 2012 | e-ISBN: 9781447301387 | DOI: http://dx.doi.org/10.1332/policypress/9781847423054.003.0009
Old age and retirement

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This chapter considers the final portion of the lifetime — old age — and addresses the range of tax and benefit support for old age and retirement and death. It concentrates on pension funding and outcomes, and it states that this is a true reflection of how much the tax and benefit system is geared to retirement and old age. It starts by exploring the policy history before moving on to discuss pension and retirement profiles for model families on low, median and higher incomes. It finally describes the provision for death and funeral expenses. In reality, male and female lives overlap and join in long relationships and their pension outcomes will be joint ones. Outcomes from defined contribution private pensions rely on the performance of the fund, particularly at the point of retirement, annuity rates and estimated life expectancy.

Keywords: old age; retirement; tax; death; pension funding; benefit system; funeral expenses

Chapter.  10534 words.  Illustrated.

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