The full New UK State Pension is worth up to £815 and ranks at number 16 out of 30 countries
Newly updated figures show that during the ongoing cost of living crisis, people in the UK claiming their State Pension entitlement only just break even despite a record-breaking increase to weekly payment rates in April. The research, conducted by pension advisors Almond Financial, looked at the State Pension in comparison to the average cost of living in the UK.
Spain is the most cost-effective country to live in, providing pensioners with a monthly state-funded income of just over £2,287, which helps to pay for cost of living expenses averaging £561. Rounding out the rest of the top five is Belgium, Luxembourg, Bosnia and Herzegovina and Cyprus. However, the Pension Breakeven Index also provides insight into how much each country is paying pensioners who reach state retirement age.
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