"According to an OECD analysis published in 2021, the UK has an overall net replacement rate of 58.1% from mandatory pensions for an average earner, below the OECD average of 69.1%. The UK devotes a smaller percentage of its GDP to state pensions and pensioner benefits than most other advanced economies. We are in the 11 position.
What is the average pension in UK?
Almost all pensioners (97%) received income from State Pension, with an average amount of £195 per week. Some peaks in the distribution may be explained by the basic State Pension rate, which was £137.50 per week in FYE 2022, as well as the new State Pension full rate, which was £179.60."
- Old age pension is a right not a benefit as stated by a U.K. prime minister. When I started to claim my old age pension and asked how I could live on that amount was told I could get BENEFITS.
- To get a pension compatible with EFTA countries.
- To get your pension which you saved up for many years, without paying more tax on it. When you were saving up for it and you paid taxes to U.K. on it! And now you pay taxes rates on getting it back. That’s double taxation.
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