Finland tops global pension rankings
Finland’s pension system has ranked number one in the world in 2021 while the UK has fallen “short of the mark”, ranking 25th out of 33 countries included in analysis by Blacktower Financial Management.
The analysis used key metrics to analyse pension systems around the world, including public spending, average retirement ages, average pension contributions and the percentage of the population who have participated in pension schemes.
Finland was deemed to have the best pension system in the world, recording high public expenditure on pensions and a high percentage (89.8 per cent) of the population paying into a pension.
Poland was just behind Finland, achieving high public spending on pensions of 11.2 per cent of GDP, one of the lowest retirement ages at 65, and one of the highest contribution rates (27.5 per cent).
Ranking third was Sweden, thanks to an “impressive 100 per cent” rate of participation in funded pensions amongst its working population, and a low retirement age of 65.
The UK, however, ranked 25th overall, recording a public expenditure on pensions of 7.7 per cent of GDP, the 14th lowest of the countries ranked, and the joint fifth oldest retirement age at 68.
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