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Labour Supply of Older Workers in the UK: Is There a Link with Pension Provisions?

Developed countries in general and the UK in particular have experienced a trend towards early retirement over the last couple of decades. As the retirement decision is commonly influenced not only by individual preferences but also by institutional arrangements, changes in pension coverage and design may lead to changes in the nature and time of retirement. In particular, the increasing importance of Defined Contribution (DC) schemes in the UK since the introduction of personal pensions in 1988 may result in alterations of retirement incentives, hence in the labour supply decisions of older workers. This article reviews the potential effect of the recent increase in DC pensions on the labour supply planning of older workers in the UK.