UK 'bottom of G7 pile' for pensions

clock

UK state pension provision trails other G7 countries by as much as half, research from AXA suggests today.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Lords move to increase salary sacrifice cap to £5,000 'a pragmatic step'

Lords move to increase salary sacrifice cap to £5,000 'a pragmatic step'

Amendments will reduce or remove the impact of changes to salary sacrifice for most savers

Jonathan Stapleton
clock 12 March 2026 • 3 min read
Pensions minister Torsten Bell: Trust in pensions is 'too low'

Pensions minister Torsten Bell: Trust in pensions is 'too low'

Minister confirmed retirement CDC ‘will happen this year’

Holly Roach
clock 12 March 2026 • 1 min read
Pension schemes' in-house advisers raise conflict of interest concerns

Pension schemes' in-house advisers raise conflict of interest concerns

Growing number of master trusts and DB schemes offering restricted advice

Laura Purkess
clock 18 February 2026 • 3 min read