UK pension lowest of advanced nations

CNC
Added On December 8, 2017

A new report has declared the U.K. State Pension as the least generous of all the advanced economies in the world.
 
The new report by the Organization of Economic Co-operation and Development - or OECD - suggests full-time workers in the UK do relatively poorly.
 
The report has found that the average pensioner can expect to receive just 29 percent of what they earned at work.
 
Only South Africa - which isn't a member of the OECD - is less generous.
 
However, once "voluntary" pensions - such as auto-enrolment or workplace pensions - are taken into account, the UK model fares better in comparison.
 
When voluntary pensions are included, the average UK pensioner receives 62 percent of his or her working income. 
 
Although that's still lower than the OECD average of 69 percent.
 
In response, the TUC union called on the government to improve the way the pension system works in the UK.