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FT Guide to Pensions and Wealth in Retirement, 2nd Edition by Mr. John Greenwood

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10

State pension

What topics are covered in this chapter?

The UK has one of the lowest state pensions in the developed world. It may come as no great surprise to learn that an average earner in continental Europe can expect to retire on a state pension of almost double that of their UK counterpart. Lord Turner’s 2004 Pension Commission report found that workers in France, Germany and Italy typically retire on 70 per cent of salary. In the UK the average is just 37 per cent. Perhaps even more surprising is the fact that Turner’s report found the UK system is even less generous than the US system. Americans receive 45 per cent of average ...

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