Resumen de Supplementary pensions and saving: evidence from Spain
José Ignacio Antón Pérez, Rafael Muñoz de Bustillo Llorente, Enrique Fernández Macías
This article analyzes the effect of private supplementary pensions (and the tax reliefs that aim to stimulate such plans) on national saving in Spain. The relevance of this topic results from the alleged positive effects of private pension�s plans on savings. Using a longitudinal dataset and fixed-effects methods, we find that tax-favored contributions to a pension fund are not associated to a lower consumption level, which evidences that this policy does not increase national saving. Empirical results on the impact of contributions on private household wealth are less clear.
