The UK state pension is one of the worst in the world, according to research comparing retirement provision among the globe’s wealthiest nations.
The report from the Organisation for Economic Co-operation and Development (OECD) found that Britain’s state pension pays out on average of 38% of what a recipient earned before they stopped work.
Across 34 countries, only Mexico and Chile are more miserly. Even the Government’s “triple lock” policy, which raises the state pension by whichever is highest of inflation, earnings growth or 2.5 per cent, fails to find favour with the OECD.
However, many countries around the world are struggling to maintain the value of state pensions, and the chances that any of them will be able to sustain current levels with people living longer are slim.
How are you placed? Do know what your pension will provide for you in retirement? Now may be the time to find out!
See how pension provision compares country to country:-