UK 'bottom of G7 pile' for pensions

At just 31% of the UK's average earnings, the state pension is worth less than half than the equivalent for Italians, who retire with a state pension of 68% of average earnings. The insurer compared figures for state pension provision relative to income for the UK against other G7 countries Canada, France, Germany, Italy, Japan, and the USA - the UK's ranking was "bottom of the pile". The AXA research also suggests 64 % of UK residents expect to rely on a state pension as their main source of retirement income as more shun occupational pension schemes. Steve Folkard, AXA head of sa...