The UK has been ranked 11th in the latest , according to a new report from actuarial firm .
While the Netherlands retains its top position, the UK has dropped from 10th to 11th place, marking a significant decline in its adequacy score.
The report evaluated 48 countries based on various factors, including coverage and expected income relative to salaries.
Notably, Chile in South America has overtaken the UK as it climbed up rankings.
The South American country now ranks ninth, with a score of 74.9, reflecting recent reforms to its pension system, including a mandatory 10% contribution rate for workplace pensions and a guaranteed state pension for all retirees.
In contrast, the UK's score fell to 71.6 from 73, highlighting ongoing concerns about the adequacy of its .
The Netherlands scored highest at 84.8, lauded for its "first-class and robust" pension system.
Iceland, Denmark, and Israel followed closely, all receiving similarly high scores.
These countries are recognised for their comprehensive coverage of both state and defined contribution pensions, often requiring retirement savings to begin disbursing at retirement age-something not mandated in the UK.
Despite this setback, the UK still performs well compared to other European nations, with France and Germany ranked 19th and 20th, respectively.
However, Spain and Italy lag behind, ranked 26th and 35th.
Mercer's findings suggest that the UK could enhance its pension system by increasing contribution levels beyond the current 8% and reinstating a requirement for individuals to start drawing pensions at retirement age.
Additionally, improving coverage for self-employed individuals is recommended to bolster the overall system.
International Pensions Ranking:
1. Netherlands
2. Iceland
3. Denmark
4. Israel
5. Singapore
6. Australia
7. Finland
8. Norway
9. Chile
10. Sweden
11. UK
12. Switzerland
13. Uruguay
14. New Zealand
15. Belgium
16. Mexico
17. Canada
18. Ireland
19. France
20. Germany
You may also like
Delhi-bound Indigo flight diverted to Ahmedabad after security threat
Omar Abdullah Sworn in as Jammu and Kashmir Chief Minister Today
Kyran Durnin: Boy, 8, who vanished with his mum now 'feared dead' as murder probe launched
Bomb threat: What is the punishment for spreading news, threat or false rumor of bomb in plane? Know the answer
Jake Paul has already been told by Mike Tyson replacement option he'll be ready to fight
'Can we control nature,' Dy CM Shivakumar to Oppn on rain havoc in Bengaluru
India: Bengaluru-bound flight to be diverted after security alert
'Sitting here': Maharashtra deputy CM Devendra Fadnavis hints at Mahayuti's chief minister face
Bullet train: If your luggage gets lost in Vande Bharat Express, then you can get compensation in this way
The top 20 countries with the world's best pensions as UK shockingly only at number 11
'Waterfalls' of rubbish including Santa hats cascade down Mount Snowdon in heartbreaking pictures
TN Police ask public not to fall prey to cyber scams
Thomas Tuchel breaks silence as England confirm nation's first German manager
Bomb threats to flights increasing, Centre to double deployment of Air Marshals on 'sensitive routes'
NFL star 'quicker than Usain Bolt' left Patrick Mahomes and Tyreek Hill saying same thing
Pradhan Mantri Kisan Samman Nidhi Yojana: In this scheme, the government will give 15 lakh rupees to the farmers, know how to apply?
India Calls for US to Cooperate With Canada's Probe Into Nijjar's Killing
Martin Lewis gives 'six-month' warning to people under 73 as they could claim £10,000s
Terence Crawford completes Conor McGregor U-turn with new message to UFC star
'I'm a travel expert - 10 cheapest holidays to book now from £28 return'