Pensions - Articles - We are bottom of the Pension League Table

Alistair McQueen, Head of Savings & Retirement at Aviva, comments on the Organisation for Economic Co-operation and Development (OECD) Pensions at a Glance 2017 Report

 “The UK is at the bottom of the league in the OECD’s judgement of pensions.

 “The OECD estimate that an average UK 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. This is the lowest of all 35 OECD countries, and 30% below the OECD average of 52%. The Netherlands tops the table at 97%.

 “While the outlook of the UK’s state pension is somewhat downbeat, the OECD consider the potential boost of automatic enrolment into workplace pensions to be transformational for our wellbeing in retirement.

 “The inclusion of automatic enrolment could more than double our wellbeing in retirement – boosting our gross income in retirement to an equivalent of 52% of our gross income when working. The inclusion of automatic enrolment promotes the UK to 23rd in the list of 35 countries.

 “It is great that over 8 million savers have been introduced to pensions since automatic enrolment was introduced in 2012 (2). As minimum pension contributions begin to rise from next year, today’s report highlights the importance for all savers to stay enrolled.”

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