British workers will have worst pensions of any major economy

UK pension will be worth 40% of average pay, with a retirement age only matched by those in Ireland and Czech Republic, says OECD

Workers in the UK will have the worst pensions of any major economy and the oldest official retirement age of any country, according to the Organisation for Economic Cooperation and Development.

The typical British worker can look forward to a pension worth only 38% of their salary, once state and private pensions are combined. The Paris-based thinktank said on Tuesday that this compares with above 90% in the Netherlands and Austria and 80% in Spain and Italy.