UK has lowest state pension of any developed country
The Organisation for Economic Cooperation and Development (OECD) has calculated that upon retiring the average British worker will receive a state pension and related benefits worth 29% of what they had previously been earning. This is the lowest rate for any OECD country, where the average is 63%, and countries such as Italy and the Netherlands workers enjoy rates as high as 80%.
The OECD report highlights the high levels of poverty of older people in the UK. Among those aged aged 75 and over, 18.5% have income levels below the poverty line, most of whom are women. The OECD sees the UK’s low level of state pension as the main cause of this poverty.