What can we learn from generational accounts for the United Kingdom?

This paper considers the relevance of a set of generational accounts in inf orming policy debate in the UK. With regard to transparency, Generational A ccounts can, under sensible assumptions, provide a useful summary statistic to supplement our analysis of government policy. Interpreting differences in the accounts across groups as measures of the incidence or redistributiv eness of existing or proposed policies is more problematic. With respect to UK pension reform, within-cohort differences raise important issues. Final ly we argue that past pension reforms have been characterised by inaccurate forecasts as opposed to a lack of understanding of the generational incide nce of proposed policy.