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Overseas Health Insurance News: Denmark, the Netherlands and Australia have best state pension schemes

Well organised expatriates will look at every facet of a country before relocating and finding out about its state pension scheme should be covered in this.

According to new research that makes up the Melbourne Mercer Global Pension Index, Denmark has the best system, with the Netherlands and Australia taking the second and third spots respectively.

Some 20 countries offering major retirement schemes were compared in order to produce the results, which should help to inform potential expats, reports the Telegraph.

Under the Australian system, known as Superannuation, those who qualify can claim their contributions back if they decide not to spend their retirement in the country.

Flexibility such as this works in favour of a scheme in these rankings, which also take tax advantages, benefits, costs and performance into consideration.

There are 40 criteria in total by which the pensions are judged, making the study pretty comprehensive.

Researchers have been carrying out the survey for five years and this edition marks the first time that the US has fallen outside of the top ten.

“Those Brits living in the second most popular destination for expats can expect a system that has some good features, but also has major risks and/or shortcomings,” in the words of the report.

Scott Pollack, a principal and consultant at Mercer, told the news provider: “The secondary driver [of America’s declining score] would be inactivity by the US government compared to other countries in the index who have made proactive changes to their retirement programme, which has improved their scores.”

Meanwhile, neighbouring Canada has a pension plan that comes in at number six and Singapore’s fund can be found in seventh place.

To qualify for this latter scheme, however, expats must be registered as either a Singaporean citizen or a permanent resident.

Singapore has been put at the same level as the UK, where expats will find schemes with “a sound structure, with many good features, but [with] some areas for improvement,” according to Mercer.

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