The UK's state pension is the least generous of all the most advanced nations in the world according to a report by the Organisation of Economic Co-operation and Development (OECD).
A UK worker on average earnings, who doesn't have a 'voluntary pension' (workplace or private), can expect on retirement to recieve a mere 29% of what they were earning at work. However, even for those with an extra pension the systems in Japan, Germany, France, Italy, the United States, Canada, the Netherlands and Ireland all pay out a higher proportion of working income (62% compared to 69% average).
Current poverty levels of those aged 75 and over are 18.5%, compared to 11% among the whole population and just over 10% for the age group 66-75. Women are most affected by old-age poverty. The OECD report can be download here
For the first time, older people will be able to access a range of home ownership schemes offered by the Scottish Government. These can remove the requirement for a mortgage contribution and make older people a priority access group. It can also provide options that brings older people closer to family and care support, and are more affordable and suitable for their needs – including downsizing, or the option to buy a retirement or supported home.
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