Published On: Sun, Jan 15th, 2023

UK pensioners much worse off than European counterparts | Personal Finance | Finance


Britain comes just 15th on a new Pension Breakeven Index, with an income only 16.61 percent above the amount needed to pay the bills.

The state pension pays just £114 more per month than the average cost of living for a retiree. But Spanish counterparts enjoy £1,404 more than the £883 UK state pension maximum, the figure in Britain from April.

Spain pays a maximum of £2,287 a month and coupled with the ­low cost of living, pensioners can look forward to a comfortable retirement with ­pension income 407 percent over the break-even point.

Belgium came second, offering £2,709 to those who worked for 45 years. Average monthly costs are £720 – leaving pensioners 376 percent above the amount needed for bills, said a study of 30 European countries by Almond Financial.

In the UK, soaring energy, food and fuel prices mean the elderly are set to struggle even more.

Jan Shortt, head of the National Pensioners Convention, said: “Millions only have their state ­pension to live on. It is increasingly inadequate and one of the worst in Europe, providing just 58 percent of previous earnings from work – below the OECD average of 62 percent.”



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