Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Britain, like the U.S., is seeing its defined-benefit pension plans inexorably replaced by defined-contribution schemes in a deal that's sure to hurt workers.
Where it stands: 10 years ago, there were roughly twice as many active members of defined-benefit schemes as there were in defined-contribution plans. Today, the numbers are roughly equal.
By the numbers: The median member of a defined-benefit pension plan in the U.K. has £83,200 ($110,000) in pension wealth. The median member of a defined-contribution scheme, by contrast, has just £5,000 ($6,600) in their plan.
- Britons are eligible for a state pension — the U.K. version of Social Security. That caps out at £129.20 per week, which is less than $9,000 per year; hence why pension plans are so important.
Go deeper: