Senior Issues News

Pension system offerings 'improving in UK'

June 12, 2007
The offerings made by the UK state pensions system is improving, in contrast to many developed countries, according to one international organisation.

Of its 16 member states, the Organisation for Economic Cooperation and Development (OECD) has said that the UK is joined by Hungary alone in terms of increasing the average pension promised to its older people.

Overall, the average value of compulsory pension systems is set to drop by 22 per cent, the BBC reports.

While Britons are faring better at present, the report from the OECD asserts: "There is a clear underlying trend towards a reduced pension promise for today's workers compared with past generations."

The report found that, in the UK, the state's pension promise has improved as a result of government commitments to tackling poverty in the lowest paid using policies such as pension credits.

In recent weeks Age Concern launched a campaign calling on the friends and family of older people to help their friends and relatives claim all benefits available to them, in order to pull people out of poverty.

The campaign was initiated in response to a survey revealing that more than a third of respondents were worried their relatives were not claiming all funds due to them.
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