Preparing for retirement: the pension arrangements andretirement expectations of those approaching state pension age in England

This paper provides a detailed analysis of individuals inhouseholds in England aged between 50 and the State PensionAge in terms of their private pension arrangements and currentnon-pension assets alongside their expectations of futureeconomic circumstances. Our descriptive findings include thatmembers of defined benefit pensions have higher average levelsof current earnings than members of defined contributionpensions and that median expected private pension income inretirement is highest for current members of defined benefitschemes. We find that on average those who have, or have had,a private pension have greater non-pension wealth than thosewho have never had a private pension. In terms of expectationsof the future we find that it is those who have the fewest assetswho have the least attachment to the labour market and are farless likely to expect any inheritance. Hence we conclude thatinequalities in different dimensions of retirement resources tendto reinforce themselves as opposed to offset each other

Estimating pension wealth of ELSA respondents

This paper explains the methodology used for calculating pensionwealth for all individuals in the first wave of the EnglishLongitudinal Study of Ageing (ELSA). We focus on the pensionwealth of individuals aged between 50 and the state pension age.Both state and private pension wealth has been calculated and eachhas been calculated both on the basis of immediate retirement in2002 and on the basis of retirement at the state pension age.Sensitivity analysis of our assumptions is also presented, whichshows that the distribution of pension wealth is sensitive to ourassumptions about the discount rate and contracting out historiesbut insensitive to assumptions about future earnings growth, futureannuity rates and future asset returns

Better prepared for retirement? Using panel data to improve wealth estimates of ELSA respondents

We compare the key assumptions underpinning estimates of the pension wealth of ELSA respondents to outcomes over the period from 2002–03 to 2004–05. We find that many of these assumptions have, on average, proved cautious or reasonable. Improving pension wealth calculations using this new evidence makes little difference to the distribution of pension wealth. Previous estimates of retirement resources also considered net financial, physical and housing wealth. Particularly cautious, ex-post, was the assumption that net housing wealth would remain constant in real terms. We find that average housing wealth has risen by almost 40% in nominal terms over just two years, which is in line with growth in the Nationwide House Price Index. This large increase in house prices boosts estimates of total wealth across the entire distribution of wealth. Previous research showed that once half of current net housing wealth was included as a retirement resource 12.6% of employees approaching retirement were estimated to have resources below the Pensions Commission’s definition of adequacy. We show that taking into account the high growth in house prices between 2002–03 and 2004–05 reduces this to 10.9%, and that it would fall by a further 1.2 percentage points if house prices were to grow by 2½% a year in real terms in the future

State pensions and the well-being of the elderly in the UK

This paper presents the trends seen over the last quarter of the 20thCentury in various indicators of the well-being of the elderlyalongside those seen for the young. Specifically we look at measuresof both the level and distribution of income and expenditure, andself-reported measures of life satisfaction and health. We thenexploit the substantial reforms to the UK pension system over thisperiod to examine the impact of reforms to state pensions on theseoutcomes. We find that increases in the generosity of state pensionshave led to increased incomes of the elderly and reductions inmeasures of both relative and absolute income poverty. We also findthat increased state pensions have led to increased expenditure bythe elderly. It is perhaps not surprising that in the UK the reformsto the generosity of state pensions have affected outcomes amongthe elderly (instead of being fully offset by individuals when theywere younger) given that often very little (pre-retirement) notice wasgiven, and that some of the reforms were of a substantial magnitude. This paper presents the trends seen over the last quarter of the 20thCentury in various indicators of the well-being of the elderlyalongside those seen for the young. Specifically we look at measuresof both the level and distribution of income and expenditure, andself-reported measures of life satisfaction and health. We thenexploit the substantial reforms to the UK pension system over thisperiod to examine the impact of reforms to state pensions on theseoutcomes. We find that increases in the generosity of state pensionshave led to increased incomes of the elderly and reductions inmeasures of both relative and absolute income poverty. We also findthat increased state pensions have led to increased expenditure bythe elderly. It is perhaps not surprising that in the UK the reformsto the generosity of state pensions have affected outcomes amongthe elderly (instead of being fully offset by individuals when theywere younger) given that often very little (pre-retirement) notice wasgiven, and that some of the reforms were of a substantial magnitude

Changes in seed dispersal processes and the potential for between-patch connectivity for an arid land daisy

Dispersal is a major and critical process in population biology that has been particularly challenging to study. Animals can have major roles in seed dispersal even in species that do not appear specifically adapted to animal-aided dispersal. This can occur by two processes: direct movement of diaspores by animals and modification of landscape characteristics by animals in ways that greatly influence dispersal. We exploited the production of large, persistent dispersal structures (seed heads, henceforth) by Erodiophyllum elderi (Asteraceae), a daisy from arid Australia, to further understand secondary dispersal. Seed head dispersal on and off animal tracks in eight E. elderi patches was monitored for 9.5 months by periodically recording the location of marked seed heads. Sites were located inside a reserve that excludes sheep but not kangaroos, and in a nearby area with both kangaroos and sheep. The distance moved and likelihood of seed head movement was higher in areas with sheep, and especially along animal tracks. There was clear evidence that seed heads were channeled down animal tracks during large rainfall events. Seed head dispersal away from patches occurred to a limited extent via their physical contact with sheep and potentially via wind dispersal. Thus, the advantages of this study system allowed us to demonstrate the two postulated effects of herbivores on dispersal via direct movement of seed heads, and two distinct indirect effects through landscape modification by herbivores from the creation of animal tracks and the denudation of vegetation.Louise M. Emmerson, José M. Facelli, Peter Chesson, Hugh Possingham, and Jemery R. Da

Microwave-mediated synthesis of N-methyliminodiacetic acid (MIDA) boronates

A library of over 20, mainly aryl or heteroaryl, N-methyliminodiacetic acid (MIDA) boronates have been synthesised. A rapid microwave-mediated (MW) method (5–10 min) has been developed using polyethylene glycol 300 (PEG 300) as solvent. However, acetonitrile (MeCN) and dimethylformamide (DMF) were found to be alternative solvents, the latter especially for 2-substituted aryl boronic acids

Pensioner poverty over the next decade: what role for tax and benefit reform?

Recent falls in poverty amongst those aged 65 and over are unlikely to continue after 2007-08, even after the implementation of the proposals outlined in the Government's Pensions White Paper. This report looks at the prospects for pensioner poverty in England over the next decade. The authors find that that the proportion of those aged 65 and over living in poverty is set to remain at its current level - around one-in-five - between 2007-08 and 2017-18. This is despite the overall increase in the generosity of state pensions arising from the Pensions White Paper, and the fact that younger cohorts are expected to have more private pension income and higher employment rates at older ages than those preceding them