UK pensions among the worst in the developed world, study finds | The Guardian

Last Updated: October 29, 2017By

The UBS research found a 50-year-old woman in London can expect just 41% of her current income in retirement [Image: Eyebyte/Alamy].

British workers can expect among the worst pensions in the developed world, according to a report from investment bank UBS, which compared the retirement outlook for a 50-year-old woman in major cities across the globe.

UBS calculated how much a country’s basic state pension, plus “mandated” pensions such as the UK’s automatic enrolment scheme and Australia’s “superannuation” scheme, would pay out as a proportion of the income of a 50-year-old “average Jane” living in the capital city.

It found that Jane in London can expect just 41% of her current income in retirement, on a par with Hong Kong and just one place above the lowest-ranked city, Taipei in Taiwan.

Singapore, Sydney, Paris and Milan topped the table. UBS found Australia’s pension system was one of the most sustainable, with companies compelled to put aside 9.5% of a worker’s salary in a pension scheme. The UK’s auto-enrolment scheme, which is loosely modelled on the Australian one, compels British employers to pay just 1% of salary, rising to 3% in 2019.

The payouts from the Australian “super” scheme, on top of the country’s basic state pension, mean that a 50-year-old female in Sydney today can expect to retire at age 67 with an income of 72% of her current salary, compared with 41% in London.

Source: UK pensions among the worst in the developed world, study finds | Money | The Guardian


Vox Political needs your help!
If you want to support this site
(
but don’t want to give your money to advertisers)
you can make a one-off donation here:

Donate Button with Credit Cards

Here are four ways to be sure you’re among the first to know what’s going on.

1) Register with us by clicking on ‘Subscribe’ (in the left margin). You can then receive notifications of every new article that is posted here.

2) Follow VP on Twitter @VoxPolitical

3) Like the Facebook page at https://www.facebook.com/VoxPolitical/

Join the Vox Political Facebook page.

4) You could even make Vox Political your homepage at http://voxpoliticalonline.com

And do share with your family and friends – so they don’t miss out!

If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!

Buy Vox Political books so we can continue
fighting for the facts.


The Livingstone Presumption is now available
in either print or eBook format here:

HWG PrintHWG eBook

Health Warning: Government! is now available
in either print or eBook format here:

HWG PrintHWG eBook

The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:

SWAHTprint SWAHTeBook

latest video

news via inbox

Enter your email address to follow this blog and receive notifications of new posts by email.

One Comment

  1. NMac October 30, 2017 at 9:35 am - Reply

    We can, after the nonsense of Brexit, expect them to get worse. There will be a perennial Tory excuse of no money.

Leave A Comment