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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

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Use of FRS data in Pension Trends

David Miller

April 2009

what this presentation covers
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
Chapter 11

Average gross weekly income of pensioner couples and single pensioners: by source of income, 2006/07

Percentages

Source: The Pensioners' Incomes Series 2006/07, Department for Work and Pensions

chapter 115
Chapter 11

Average gross income of pensioner units 1994/95 to 2006/07

£ per week at 2006/07 prices

Source: The Pensioners' Incomes Series 2006/07, Department for Work and Pensions

chapter 116
Chapter 11

Median net income for pensioner couples: by income quartile, 1996/97 and 2006/07

£ per week at 2006/07 prices

Source: The Pensioners' Incomes Series 2006/07, Department for Work and Pensions

chapter 117
Chapter 11

Median net income for single pensioners: by income quartile, 1996/97 and 2006/07

£ per week at 2006/07 prices

Source: The Pensioners' Incomes Series 2006/07, Department for Work and Pensions

chapter 12
Chapter 12

Number of pensioner households with state benefit income: by annual payments received, 2006/07

Thousand pensioner households

Source: ONS analysis of FRS data

chapter 129
Chapter 12

Number of pensioner households with private pension income: by annual payments received, 2006/07

Thousand pensioner households

Source: ONS analysis of FRS data

chapter 1210
Chapter 12

Number of pensioner households with pension income: by annual payments received, 2006/07

Thousand pensioner households

Source: ONS analysis of FRS data

chapters 11 and 12
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
Chapter 7

Working age membership of private pension schemes in Great Britain: by sex andtype

Percentages

Source: ONS analysis of FRS data

frs changes
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
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
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
Contact details
  • www.statistics.gov.uk/pensiontrends
    • 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
  • pensionsanalysis@ons.gsi.gov.uk