Reform of police pensions in England and Wales

We analyse pension reforms for police officers in England and Wales using force-level data. We quantify the impact on overall police pension plan liabilities, examining incidence across police officers, national and local taxpayers. We also examine reforms of retirement rules, especially concerning early retirement on grounds of ill-health. Differences in ill-health retirement across forces are statistically related to area-specific stresses of policing and force-specific human resources policies. Reforms in 2006 impacted primarily on the level of ill-health retirement among forces with above-average rates of early retirement. We find residual differences in post-2006 ill-health retirement rates across forces are related to differential capacities to raise revenue from local property taxes

Occupational pension value in the public and private sectors

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 the public sector. As a result of both these factors, we find that the average value of pension accrual is much higher in the public sector than in the private sector. Due to the long-running shift away from defined benefit pensions to less generous workplace defined contribution pensions in the private sector continuing between 2001 and 2005 the difference in average pension accrual between the sectors increased over this period. While on average over this period earnings in the public sector grew 3.5% faster than in the private sector, including pension accrual increases this difference by one-third to 4.7%. We simulate a plausible reform to the public sector defined benefit pensions - an increase in the normal pension age from 60 to 65 for future pension accrual of all current members. We find that, had this reform been implemented between 2001 and 2005, average growth in total remuneration over this period in the public sector would actually have been almost the same as that in the private sector.

Household Portfolios and Financial Preparedness for Retirement

Using a lifecycle model of consumption, saving and portfolio choice combined with linked survey and administrative data on wealth and lifetime earnings we evaluate measures of retirement preparedness. We estimate heterogeneous discount factors for households and compare the estimates of their patience to their replacement rates { the simple measure of- ten used to evaluate the adequacy of retirement savings. We find first that the specification of the model’s asset structure matters quantitatively for preference parameter estimates { households appear to be much more patient when they are assumed to have access only to a risk-free asset compared to when we account for the fact that much of their wealth is stored in higher-return tax-advantaged private pensions and in housing. Second we find that only the most patient households achieve the replacement rates out of final earnings that are often recommended by policy-makers and industry as sensible benchmarks for retirement preparedness. Notwithstanding this, we find that even quite impatient households in the population we study achieve high replacement rates out of lifetime average income { a more sensible summary measure of preparedness for retirement

Expression of cannabinoid receptors in human osteoarthritic cartilage: implications for future therapies

Introduction: Cannabinoids have shown to reduce joint damage in animal models of arthritis and reduce matrix metalloproteinase expression in primary human steoarthritic (OA) chondrocytes. The actions of cannabinoids are mediated by a number of receptors, including cannabinoid receptors 1 and 2 (CB1 and CB2), Gprotein-coupled receptors 55 and 18 (GPR55 and GPR18), transient receptor potential vanilloid-1 (TRPV1), and peroxisome proliferator-activated receptors alpha and gamma (PPARa and PPARc). However, to date very few studies have investigated the expression and localization of these receptors in human chondrocytes, and expression during degeneration, and thus their potential in clinical applications is unknown. Methods: Human articular cartilage from patients with symptomatic OA was graded histologically and the expression and localization of cannabinoid receptors within OA cartilage and underlying bone were determined immunohistochemically. Expression levels across regions of cartilage and changes with degeneration were investigated. Results: Expression of all the cannabinoid receptors investigated was observed with no change with grade of degeneration seen in the expression of CB1, CB2, GPR55, PPARa, and PPARc. Conversely, the number of chondrocytes within the deep zone of cartilage displaying immunopositivity for GPR18 and TRPV1 was significantly decreased in degenerate cartilage. Receptor expression was higher in chondrocytes than in osteocytes in the underlying bone. Conclusions: Chondrocytes from OA joints were shown to express a wide range of cannabinoid receptors even in degenerate tissues, demonstrating that these cells could respond to cannabinoids. Cannabinoids designed to bind to receptors inhibiting the catabolic and pain pathways within the arthritic joint, while avoiding psychoactive effects, could provide potential arthritis therapies. Key words: articular cartilage; cannabinoid receptors; cannabinoids; osteoarthriti

\u27It\u27s good to have wheels!\u27: Perceptions of cycling among homeless young people in Sydney, Australia

Participation in sporting or recreational programs can be unattainable for many disadvantaged young people. Encouraging regular cycling is an important public health strategy to increase participation in physical activity and expand personal transport options for marginalised youth. Perceptions and attitudes toward cycling were explored in eight focus groups, involving 47 young people who were experiencing or at risk of homelessness in central and south-western Sydney, Australia. The benefits of cycling for physical activity, personal transport, independence and social inclusion were recognised. Barriers to regular cycling included compliance with mandatory helmet legislation; a lack of cycling skills and experience; a paucity of cycling infrastructure and reliance on cars for personal transport; and access to affordable bicycles and equipment. A comprehensive multi-strategic approach that engages marginalised young people is required to improve access and enable increased participation in cycling activities