Using metrics such as public expenditure on pensions, average retirement age, average pension contributions per capita and the percentage of the population who have participated in available pension schemes - and the results are in!
• A new report by Blacktower Financial Management Group reveals the world's best state pension systems in 2021 based on various factors including average retirement age and contributions
• Finland ranked top country for pensions, followed by Poland and Sweden
• The UK falls short of the mark, ranking 25th on the index
• Korea comes in last out of all the countries indexed
Retirees have put in decades of time and effort as part of their working life to prepare for retirement, counting on their pension to help maintain a comfortable future. However, the quality of state pensions varies drastically based on where you live - But which countries around the world have the best systems?
Blacktower Financial Management reveals the best pension systems around the globe in 2021 using key metrics, such as public spending, average retirement ages, average pension contributions and the percentage of the population who have participated in pension schemes.
Finland ranked the best country for pensions
According to the research, the beautiful Nordic state of Finland has the best pension system in the world. With high public expenditure on pensions, and a strong percentage of the population paying into a pension, Finnish nationals can really make the most of their retirement.
Next up in the rankings is Poland taking second place, thanks to high public spending on pensions and one of the lowest average retirement ages. Not far behind, in third place, is Sweden where a high percentage of the population actively participates in funded pension schemes.
The top 15 countries for the best pension systems globally can be found below:
Ranking Country Public expenditure on pensions (% of GDP) Normal retirement age by type of pension scheme Pension contributions as a % of average wage Participation in funded pensions as a % of working population
Gavin Pluck, Group Managing Director at Blacktower Financial Management comments on the study “Our research reveals the world’s best countries for pension systems, this research is something to seriously considered when deciding which country to go live and work overseas. Inevitably, this will impact your future pension, meaning you may have to work for longer to fund your comfortable retirement depending on which country you live in”
The full study can be found here
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