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The UK`s state pension system has been named the worst in the whole of the European Union for the second year running by a new report.
Those in the UK who have retired receive a pension equivalent of just 17 per cent of their average lifetime earnings, way below the European average of 57 per cent, forcing many to seek debt advice, a study by Aon Consulting has found.
Comparing 25 countries, the report said that only the lowest earners, who are benefiting from government initiatives, receive close to the European average. Denmark pays its senior citizens the most in Europe - the second consecutive year it has headed the poll.
Donald Duval, chief actuary at Aon Consulting UK, said: "More needs to be done to restore confidence in private schemes so as to drive an increased level of contributions - people cannot afford to rely on the state pension, which remains the lowest in Europe."
Aon is one of the largest risk management and insurance brokers in the world
