Scrap state pension for the rich, says OECD

The club said British pensions were low compared with other wealthy nations and should be boosted by cutting payments to the wealthiest 5-10% of retirees, the FT reported. Currently the UK state pension is not asset-tested, it is based on years of national insurance contributions or credits. Therefore it can equally be claimed by billionaires. Deputy director of employment, labour and social affairs at the Paris-based club, Mark Pearson, said the UK, like many other countries, faced pressure from an ageing society, with claims on the state pension growing while the number of workers s...