The UK should scrap state pension entitlements for the highest rate tax payers in order to free up funds for the less wealthy, the OECD has said.
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 shrank.
"Faced with these pressures, are you going to ask people of working age to pay more, or people to work longer before they can claim their pension?" Pearson asked.
"Or another way to ensure an adequate pension is to think about whether the pension should only be paid to those who really need it, to ease the tyranny of the maths. Giving less [pension] to the people at the top would free up resources to increase general benefits."
Pensions have become a key battleground in the upcoming general election, with Prime Minister Theresa May on Wednesday staying silent on whether she would scrap the triple lock, which sees pensioner benefits rise by the highest of three indicators: consumer price inflation, average earnings growth or 2.5%.
Pearson said the triple lock should be scrapped, as it was putting "one group in society [pensioners] on a pedestal over another". He suggested the state pension should be rated by either average earnings or prices instead.
The OECD said retirement benefits in the UK — currently £6,359 a year for the basic state pension and £8,296 for the new state pension, introduced in 2016 — were among the least generous of its 35 member countries, which are mainly wealthy nations.
Spending on the state pension is expected to rise from 5% of GDP in 2021-22 to 7.1% of GDP by 2066-67, according to the Office for Budget Responsibility.
Former pensions minister Steve Webb told the FT he did not support denying rich retirees their state pension.
"What happens to the rich has a knack of spreading and you could end up undermining the whole idea of a contributory system," the now director of policy with Royal London, said.
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