Ok but perhaps it ought to be known: who are these people? Is it just pensioners retiring abroad? Or is it skilled professionals?

These are not small numbers so it probably matters? And given the gloomy vibe I suspect it's not just pensioners.

Ok but surely it's an important social issue if >100k net emigration of British people. But nobody cares, especially compared to the relentless noise about the boats and asylum seekers. As you say we may not even have known since it was underreported.

@powelljr.bsky.social @anninak.bsky.social @cacrisalves.bsky.social @kaikodden.bsky.social

Yes it's not clear at all. The savings glut was supposed to be IN EM, which supposedly explained the "net capital flows uphill" conundrum. But here it makes it sound like it's the advanced countries who will dissave. Unclear

Yes it should be weighted average of yields converted to dollars. Very convoluted return metric.

The economics behind looks rather weak.

Relative decline is a European trend, but austerity+Brexit just turobcharged it in the UK. And it came from a higher position. I think London is still sort of unique, despite repeated government efforts to undermine it (without actually levelling up the rest of the country).

👉The bottom line: DC pensions, as currently designed in the UK, are not only insufficient for many — they may also be associated with higher inequality.

Using the ONS Wealth and Assets Survey and quantile regressions, we find DC pensions are associated with a more unequal pension wealth distribution.

We identify four contributing factors (show in the figure) and find some corroborating evidence for them.

While automatic enrolment has increased pension coverage, there are recognised concerns about the adequacy of DC pensions. We go further and highlight their distributional effects: how they may be associated with higher pension wealth inequality.

If it just focuses on individual incentives and characteristics and tries to fix it with further nudging, it won't fix the fundamental problem that most private sector workers in this country are not really building pensions, but a poorly funded individual savings account.

"It will examine the pension system as a whole and look at what is required to build a future-proof pensions system that is strong, fair and sustainable."

Good. But need to look at 1) labour markets inequalities 2) the inadequacy of DC Vs DB pensions and 3) employers contribute too little.

Less goth but the nerdy bit is I guess needed for academics...