Cyprus is among the world’s 10 best state pension systems based on various factors including average retirement age and contributions, data from Investing Reviews has showed.
Simon Lister, who authored the latest report, has compared UK pensions with those in the rest of the world.
One of the questions was how much British retirees receive compared to retirees around the world. To draw conclusions, the survey looks at the percentage of earned pre-retirement income received at retirement age.
The survey shows that the global average of the amount received at retirement, compared to pre-retirement income, is 59.8%.
Cyprus is in the ninth place as it is estimated that pensions amount to 83.6% of the income earned by citizens before retirement.
In the first place with the largest percentage of the average pre-retirement income given at retirement is India (94.3%), ensuring the continuation of the standard of living of employees after retirement.
In the second place is Italy (92.8%) which provides the best retirement data in Europe, offering 92.8% of pre-retirement income. Third-placed place is Turkey (92%), ranked fourth is Bulgaria (91.1%) followed by Luxembourg (90%).