Low State Pension

The UK's state pension is the least generous of all the most advanced economies in the world, according to a new study by the Organisation of Economic Co-operation and Development (OECD) 

Only South Africa - which isn't a member of the OECD - is less generous.

The report found that the average pensioner can expect to receive just 29% of what they earned at work.

The pension systems in Japan, Germany, France, Italy, the United States, Canada, the Netherlands and Ireland all pay out a higher proportion of working income.

However, once "voluntary" pensions or workplace occupational pensions - are taken into account, the UK model fares better in comparison. When these additional pensions are included, the average UK pensioner receives 62% of his or her working income. This is still lower than the OECD average of 69%.

"The OECD has confirmed what we have long suspected - the UK is bottom of the league for pension provision," said Frances O'Grady, the TUC's general secretary. "Working people in Britain face the biggest retirement cliff edge of any developed nation."