Use of FRS data in Pension Trends David Miller April 2009.

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Presentation transcript:

Use of FRS data in Pension Trends David Miller April 2009

Pension Trends

What this presentation covers Use of FRS data on income of pensioners in Pension Trends Chapters 11 and 12 Chapter 11 uses Pensioner Income Series, looks at all types of pensioner income Chapter 12 is our own analysis, focusing on pension income (state and private) Use of FRS data on pension scheme membership in Pension Trends Chapter 7

Chapter 11 Average gross weekly income of pensioner couples and single pensioners: by source of income, 2006/07 Source: The Pensioners' Incomes Series 2006/07, Department for Work and Pensions Percentages

Chapter 11 Average gross income of pensioner units 1994/95 to 2006/07 Source: The Pensioners' Incomes Series 2006/07, Department for Work and Pensions £ per week at 2006/07 prices

Chapter 11 Median net income for pensioner couples: by income quartile, 1996/97 and 2006/07 Source: The Pensioners' Incomes Series 2006/07, Department for Work and Pensions £ per week at 2006/07 prices

Chapter 11 Median net income for single pensioners: by income quartile, 1996/97 and 2006/07 Source: The Pensioners' Incomes Series 2006/07, Department for Work and Pensions £ per week at 2006/07 prices

Chapter 12 Number of pensioner households with state benefit income: by annual payments received, 2006/07 Source: ONS analysis of FRS data Thousand pensioner households

Chapter 12 Number of pensioner households with private pension income: by annual payments received, 2006/07 Source: ONS analysis of FRS data Thousand pensioner households

Chapter 12 Number of pensioner households with pension income: by annual payments received, 2006/07 Source: ONS analysis of FRS data Thousand pensioner households

Chapters 11 and 12 Key differences between Pensioners Income Series (DWP) and ONS analysis of FRS data: Households vs benefit units Pensioner couples State benefit income Private pension income

Chapter 7 Working age membership of private pension schemes in Great Britain: by sex and type Source: ONS analysis of FRS data Percentages

FRS changes Aim to have a better estimate of pension scheme membership –Employer-sponsored; and –Personal pensions Improve estimates of pension provision especially for older age groups

Pension participation Some respondents reported dormant (closed) pension schemes memberships as if they were live pension scheme memberships. Using these variables will over-estimate private pension participation rates and the amount respondents are saving in personal and stakeholder pensions. A technical note that describes the changes will be published with the FRS on 7 May 2009.

Summary Differences in pensioner income between couples and singles, and between the sexes State benefits make up a large part of income for most pensioners Substantial number of pensioners have low levels of private pension income Improved estimates of pension provision

Contact details –Please note that the data can be accessed by downloading the chapter pdfs and clicking on the tables/graphs to reveal the Excel data files