Pensions

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.

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