State pensions surviving

Thu, 15 Nov 2007

According to a recent international pensions review conducted by Aon Consulting, the UK has the worst of all the state pension provisions amongst 25 European countries. The study, known as the European Pensions Barometer, has found the UK to be at the bottom of the pension scheme table for the second year in a row.

Pensioners in the UK are on average paid a state pension worth just one-sixth of average earnings, approximately 17 per cent according to the study. In contrast, European pensions typically amount to over half of earnings, 57 per cent to be exact.

However, although state pensions may barely be enough to live on, UK pensioners with little money can also claim state benefits. These means-tested benefits increase the UK to fifth place in the European table. Furthermore, the UK has recently taken affirmative action to increase employer pension provision. The state retirement age has also been increased from 65-68.
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