An investigation of policy incentives for delaying public pension benefit claims

Tomoki Kitamura and Kunio Nakashima

Review of Behavioral Finance, 2020, vol. 13, issue 2, 109-124

Abstract: Purpose - The purpose of this study is to examine the potential and cost of policy incentives for individuals to defer public pension (social security) claims. Design/methodology/approach - Using Internet survey experiments, the impacts of introducing three potential policies to defer public pension claims are examined: (1) a tax incentive for private term pension premiums, (2) a tax incentive for private term pension benefits and (3) a tax disincentive for financial asset holdings. Effectiveness of information provision regarding projection of future financial assets is also examined. Findings - Tax incentives have a certain impact on deferment of public pension claims. Among incentives, increase of benefits is the most effective one. Providing information regarding future financial assets reduces incentives. Originality/value - This study is original in measuring cost for delaying public pension claims according to incentives and information provision.

Keywords: Public pension; Benefits claim deferment; Policy incentives; Household behavior; D14; H31; H55 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rbfpps:rbf-09-2019-0117

DOI: 10.1108/RBF-09-2019-0117

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