European comparison
It has been suggested that the State pension system in the UK is the lowest in Europe and those retiring in Britain need to wake up, make their own private contributions and not rely on the State.
Apparently, a UK worker retiring this year will receive a State pension worth just short of 20% of their salary. The average State pension for the rest of Europe is 57%, a massive 40% more.
Our view
We believe the UK State pension is currently very good value for money. However, when and if proposed state pension page ages change to 67 and then 68 for all, we believe it becomes uncompetitive compared to what we pay in National Insurance contributions.
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