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Friday May 06, 10:50
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OECD issues report on average pension in developed nations
(by Julia Jenson)
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Britain has about the lowest state pension level among developed nations, reveal the Organisation for Economic Co-operation and Development numbers. The nation ranks 26th on a list comprising 30 by the proportion of average post-tax salary that comprises the state pension.
The average salary of the UK citizens makes up £22,000, and the state payout is about 48% of that, while in other developed nations this is about 69% of average post-tax pay.
The greatest payouts are in Luxembourg where it is equivalent to 102% of post-tax pay. That means that Luxembourg citizens are actually getting more in retirement benefits than they earn. Austria, Hungary, Italy, Spain and Turkey are also way above UK with about 75% of post-tax pay.
The report of the OECD covers only state pensions without consideration for private pensions.
Monica Queisser, one of the report’s authors, said that part of the reason for a low pension payout is that UK relies on private pensions.
"In Britain it’s always been the idea that there should just be a basic pension and that people should do quite a bit on their own, either through their employers or personally for their retirement income," she said.
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