State pensions ranked: What has to be done as the UK system ‘flattens’ on the world stage?
PENSION OPPORTUNITIES vary widely over the world, for both private and public pensions. According to new study, the United Kingdom rates low for retirees, and the government has been urged to take action.
For years, the UK government has struggled with pension concerns, with British state pensions consistently ranked among the poorest in Europe. According to new studies on the subject, British state pensions are among the poorest in the world.
The world’s top state pension systems in 2021, according to a recent analysis by Blacktower Financial Management Group, are based on numerous parameters such as average retirement age and contributions.
The Blacktower Financial Management Group examined global state pension systems using a variety of metrics, including public pension expenditure, normal retirement age by type of pension scheme, pension contributions as a percentage of average wage, and funded pension participation as a percentage of the working population.
The “beautiful Nordic state of Finland” emerged as the country with the best pension system in the world based on these criteria.
Sadly, the United Kingdom did not even make the top 20.
In descending order, here are the top 15 countries with the best pension systems in the world:
The United Kingdom came in at number 25 on the list.
“Our analysis indicates the world’s finest countries for pension systems, this data is something to seriously consider when picking where place to go live and work overseas,” said Gavin Pluck, Group Managing Director at Blacktower Financial Management.
“Inevitably, this will have an influence on your future pension, implying that, depending on where you reside, you may have to work longer to fund a pleasant retirement.”
Mr. Pluck went on to look at what needs to change in the UK to boost pension prospects: “As a member of the G7, you’d expect UK retirees to have a sizable pension.
“Unfortunately, the UK’s pension system, which is ranked 25th in the world, is flatlining with the global average.
“This research couldn’t have come at a better moment, as the triple-lock on UK pensions against inflation, which was implemented in 2011, has been brought to light.
“Going forward, the UK government must convince retirees that they will be protected from future economic instability, and it must establish a mechanism to educate young individuals about the necessity of pension planning.
“Until then, workers all around the British Isles are stuck.” Brinkwire Summary News.”