Pensions: Software
The question
To ask the Secretary of State for Work and Pensions, what assessment she has made of the effectiveness of PenSim3 for supporting public (a) awareness and (b) understanding of pensions.
Answered by Torsten Bell
Pensim3 is a computerised long-term model designed to look around 80 years ahead to compare pensioner outcomes under various possible policy scenarios for a modelled British population. It is used for policy development/evaluation, aiding long-term expenditure forecasting and in analysis of future pensioner incomes. It does not simulate the actions of specific individuals, so its output is not suitable for a person planning their own pension provision.
Pensim3 is the main government source for estimating future pensioner incomes (latest publication is available here: https://www.gov.uk/government/statistics/analysis-of-future-pension-incomes/analysis-of-future-pension-incomes). These statistics estimate the number and proportion of working age individuals, aged 22 to State Pension age, who are under saving for their retirement.
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