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How does the UK state pension compare with other countries?
Published · 1 min read
The UK's state pension system, with its triple lock formula, has increased faster than earnings since 2011, but pensioner poverty has slightly increased due to rising housing costs.
Compared to other wealthy countries, the UK's basic state pension is lower relative to average earnings, but including other pensions narrows the gap. The UK spends less on total retirement benefits relative to its economy compared to the average wealthy country. However, the gender pension gap is significant, with women typically receiving a pension that is a third less than men's. The UK government plans to introduce a new system that will link state pension increases to inflation or 2.5%, potentially reducing generous increases.