October 25, 2016 | 5years | Retirement Planning News
British pensioners are getting a worse retirement income than their counterparts in Chile and Ireland, a report suggests, as the UK has fallen outside the top 10 countries for first time.
The Melbourne Mercer Global Pension Index, which ranks both the state funded and private components of 27 countries’ pension systems, has downgraded the UK from 9th to 11th place.
This was due, it said, to a reduction in the size of the pensions people can expect in relation to their wages while at work. Overall retirement incomes have become less generous thanks to a cut in the pensions people can expect from both the state and occupational schemes.
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