The UK ranked only 15th in a global chart of countries most favourable to retire in. The pension comparison was produced by the Mercer CFA Institute Global Pension Index. The comparison measured state and private funding components in countries around the world based on their pension schemes.
Security of pensions schemes and whether they provided enough for pensioners to live on were included in the rating system.
Worldwide the best place to retire was the Netherlands, followed closely by Denmark.
The Scandinavian countries of Finland, Norway and Sweden were also deemed to have a better retirement system than the UK.
Israel, Ireland, Singapore and Canada also proved more favourable countries to retire in.
The UK scored 64.9 points in pension consultancy Mercer’s Pension Index.
The nation’s score went up from 64.4 in 2019 because of an improvement on its “sustainability”.
The UK also scored highly on “integrity”, with those paying into a pension feeling they could trust the system.
Benoit Hudon of Mercer said in the UK system there was too much focus on security.
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People in the UK may be missing out on owning better investments said Mr Hudon.
The report claimed that households in the UK were not saving enough towards their retirement.
Mr Hudon advised better pension arrangements for those on lower incomes the self-employed.
In Europe, France scored worse than the UK, ranking 20th in the index.
This was because the country scored low for “sustainability”.
