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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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UK pensions system ahead of Germany and France in World Ranking

The UK’s pension system is in the midst of a significant overhaul, with the recent introduction automatic-enrolment, followed by proposals to introduce a flat-rate state pension and a ‘pot follows member’ pension scheme.

Despite the number of upheavals to the pensions landscape in recent months, including a 7% fall in annuity rates, Britain’s pension system has managed to secure 7th place in a world ranking.

This puts it ahead of Germany, the largest national economy in Europe, and France, as well as the US.

The Melbourne Mercer Global Pensions Index gave the UK pension system above average scores in a number of areas, including ‘integrity’ (85 against the average of 71.5), which examines the role of regulation and governance, the protection provided to participants, and the level of communication provided to members.

This is in addition to an above average score (68.1 against the average of 62.2) in ‘adequacy’, which looks at the ability to deliver an adequate pension income for retirees.

The respective scores in these areas for Germany were a much lower 66.7 and 65.2, while France scored 55.2 and 74.3 and the US came in at 61.1 and 58.3.

However, the UK’s overall C rating (from a range that includes A, B+, B, C+, C and D), still put it well behind the first place ranking achieved by Denmark, where scores for ‘integrity’ and  ‘adequacy’ came in at 86.4 and 78.1 respectively.

The UK’s pension system also fell down in terms of sustainability, which evaluates the long-term sustainability of the current retirement income system, scoring 46.5 against the average of 52.1.

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