State Pension payments of over £2,000 to older people in five European countries

Retirees living in Luxembourg receive over £3,050 each month.

New research has discovered that during the ongoing cost of living crisis, people in the UK claiming their State Pension entitlement only just break even despite an increase to weekly payment rates in April. The research, conducted by pension advisors Almond Financial, looked at the current State Pension in comparison to the average cost of living in the UK.

The Spanish pension system pays out a maximum of €2,617.53 per month, the equivalent to a whopping £1,403.89 more than the UK State Pension. Coupled with the country’s low cost of living, pensioners can expect a comfortable retirement in the sun. Based on the findings in the index, pensioners in Luxemburg receive an impressive £3,050.57 each month. The full New State Pension in the UK is worth up to £740.60, however it is paid every four weeks but in relation to the data it is still considerably lower than several other countries in Europe.

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