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Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

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OECD: UK should scrap state pensions for the richest 5-10 per cent

The UK should scrap state pension payments for the richest retirees, the OECD has said.

The Paris-based think tank has said that slashing payments for the wealthiest 5-10 per cent of people would “free up resources” to raise pensions for the less well off.

Under the current system, every UK citizen is eligible to receive a full state pension once they hit retirement age, providing they have made 30 years’ of National Insurance contributions.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.