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The OECD’s statistics show that the UK pension ‘replacement rate’ – meaning the percentage of an average working salary that a person can expect to receive as a pension – is roughly similar to that of Norway and Germany.
People from Turkey, the Netherlands and Greece could expect to receive 90% or more of their previous earnings when they take out their pension.
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Among the lowest rates in Europe (excluding voluntary pension schemes) were Lithuania, Estonia and Ireland.
Currently, British pensioners receive either the Old State Pension or the New State Pension depending on whether they reached the age to begin withdrawing it before or after April 6 2016.
The Old State Pension is a two-tier system with a flat rate of £169.50, topped up with an additional earnings-related payment, while the New State Pension consists of a single-tier flat-rate allowance worth up to £221.40 per person per week.
Both figures increase by whichever is highest out of either 2.5%, inflation, or earnings growth each year, through the ‘triple lock’ system.
Get in touch with our news team by emailing us at webnews@metro.co.uk.
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Publish date : 2024-11-01 03:03:00
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