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The Importance of Marginal Tax Rate on the Decision to Take a Private Pension Plan: A Study of the Charactertistics of Private Pension Holders

Previous work in the area of pension provision in the United Kingdom has concentrated on the personal and job characteristics of holders. This paper draws on the theoretical approach of the United States literature. The study is based on the tax shelter view of pensions and, as a result, it examines the influence of wealth factors, especially marginal tax rate, on the pension decision. It concentrates on two decisions: whether or not to join an occupational pension scheme and whether or not to take a personal pension plan. The results indicate that certain wealth factors are influential to the pension decision, but labour related characteristics are also highly significant. Marginal tax rate does not appear to be a significant factor.