United Kingdom state pension 'least generous of all advanced economies', OECD states

07 December, 2017, 04:38 | Author: Regina Silva

Working people in the United Kingdom expect to earn less than a third of their salaries as their retirement income, far below their peers in other countries around the world.

"The OECD estimate that an average United Kingdom worker can "look forward" to a gross income in retirement equivalent to just 22% of our gross income when working - if we rely on the state pension alone".

In comparison, the OECD average is 63%.

The UK's population is ageing rapidly, with the number of people aged 65 and over for every 100 people of working age set to rise from about 30 at present to 48 in 2050.

Britain has relatively high levels of poverty among the elderly as its state pensions are the lowest among the most advanced countries in the world, an worldwide think tank has said.

And it said the government's auto-enrolment scheme, which was introduced in 2012, has reversed the downward trajectory of workplace pension participation in the private sector, from 42 per cent of workers in 2012 to 70 per cent in 2015.

No exemption given under Odd-Even, Delhi govt tells Green Court
Apart from that its plan also consists of action against polluting vehicles and restricting the entry of trucks into Delhi during severe conditions.


Analyzing Analyst Recommendations: Southwestern Energy Company (SWN), Alcoa Corporation (AA)
The rating was downgraded by Bernstein to "Mkt Perform" on Tuesday, February 28. 95,530 were reported by Quantbot Technology Lp. The company's diluted EPS for trailing twelve months was 0.62. 1,121 were accumulated by Gemmer Asset Mgmt Ltd Company.


Pulse hero with PTSD to be let go from police force - WKMG
The hero officer says he still wakes up from the same nightmare every night, more than a year and a half after the shooting. Delgado said he doesn't understand why he's losing his job. "I didn't think I was going to be treated this way".


Stephen Lowe, group communications director at Just, said: "The UK has the highest dependence on private pensions".

The Organisation for Economic Co-operation and Development (OECD) said the United Kingdom pays the least generous pensions among its 35 member nations, with the average Briton collecting the equivalent of just 29% of what they earned at work when they turn 68.

But it also warned new rules on withdrawing lump sums from pensions could serve to increase inequality, because rigidity around the state pension age and the lump sum withdrawal rules mean fewer people will be able to afford to retire early.

AJ Bell senior analyst Tom Selby says: "This report emphasises the importance of maintaining incentives to save and ensuring people have confidence that the rug won't be pulled from under their feet by politicians prioritising short-term cash generation over long-term policymaking".

He adds: "It is clear that the standard of living United Kingdom pensioners enjoy depends to a large extent on how much they save, how long they work and the decisions they make at retirement". We expect the issue of sustainability of withdrawals to become increasingly prominent as more information comes out on the behaviour of retirement savers in drawdown.

Recommended:



Popular

America's Health Care Spending Grew Slowly Last Year, Federal Auditors Say
Spending on private health insurance rose 5.1 percent to $1.1 trillion, which was slower than the 6.9 percent growth in 2015. Following 5.1 percent growth in 2014 and 5.8 percent growth in 2015, health spending in 2016 slowed to 4.3 percent.

Haywood Securities Comments on Barrick Gold Corp's FY2018 Earnings (NYSE:ABX)
The stock of Graphic Packaging Holding Company (NYSE:GPK) earned "Hold" rating by KeyBanc Capital Markets on Tuesday, October 3. The basic materials company reported $0.14 EPS for the quarter, missing the Zacks' consensus estimate of $0.21 by $0.07.

Atletico de Madrid is out of UEFA Champions League race
Everton, though, failed to reach the group stages, losing in controversial fashion to Villarreal in the third qualifying phase. Atletico dropped down to the Europa League after finishing third in Group C following their 1-1 draw at Chelsea on Tuesday.

Hall of Fame QB Warren Moon facing lawsuit for sexual harassment
Moon's former executive assistant at his Sports 1 Marketing firm filed a lawsuit against him this week. Moon is the co-founder and president of Sports 1 Marketing and works on the Seahawks broadcast team.

Trump to recognize Jerusalem as Israel's capital
Consulate General in Jerusalem tweeted on Tuesday that U.S. citizens should avoid areas where crowds have gathered to demonstrate. Palestinians have been stung by Trump's decision, which they see as adopting Israel's position without regard for their own.

Putin : Russian sports fans 'sad' about Olympic ban
The Russian media is particularly dismissive of Grigory Rodchenkov, the whistleblower responsible for exposing Russia's state-sponsored doping programme at Sochi 2014.

Spurs forward Kyle Anderson to miss multiple weeks with MCL sprain
"Me not being able to play the game was a little frustrating, but my team's doing a great job holding their own", Leonard said. Popovich's standard answer this season when asked about Leonard has been that he will return "sooner rather than later".

M'Lanie Hunter Dance to perform Nutcracker Ballet Dec. 8 and 9
Joseph Cipolla, the distinguished dancer who heads Configuration, appreciates how " The Nutcracker " can spark the imagination. Paul's faculty members' children, and students from Shaker Road School, Christa McAuliffe School and St.

Twins Latest MLB Team to Announce Extended Netting
After the September incident, Yankees officials vowed to take a hard look at extending the protective netting behind home plate. It will now reach further up each foul line to cover the entire Dugout Box seating areas, which spans sections 1-17.

Steam Ends Bitcoin Support
"These fees result in unreasonably high costs for purchasing games when paying with Bitcoin ", Valve said in a statement . Steam is no longer accepting Bitcoin as a payment method, saying it's "untenable" to support the soaring cryptocurrency.