Women's pensions

British workers can expect among the worst pensions in the developed world, according to a report from investment bank UBS, which compared the retirement outlook for a 50-year-old woman in major cities across the globe. UBS calculated how much a country’s basic state pension, plus “mandated” pensions such as the UK’s automatic enrolment scheme and Australia’s “superannuation” scheme, would pay out as a proportion of the income of a 50-year-old “average Jane” living in the capital city.

It found that Jane in London can expect just 41% of her current income in retirement, on a par with Hong Kong and just one place above the lowest-ranked city, Taipei in Taiwan. Singapore, Sydney, Paris and Milan topped the table. UBS found Australia’s pension system was one of the most sustainable, with companies compelled to put aside 9.5% of a worker’s salary in a pension scheme. The UK’s auto-enrolment scheme, which is loosely modelled on the Australian one, compels British employers to pay just 1% of salary, rising to 3% in 2019.

Singapore 73%
Sydney 72%
Paris 69%
Milan 67%
New York 55%
Tokyo 55%
Munich 50%
Zurich 48%
Toronto 42%
London 41%
Hong Kong 41%
Taipei 32%