The gross replacement rate shows the level of pensions in retirement relative to earnings when working. For workers with average earnings, the gross replacement rate averages 57% in the 34 OECD countries. But there is significant cross‐country variation.
At the bottom of the range, Ireland, Japan, Mexico and the United Kingdom offer future replacement rates of less than 35% to people starting work today. Iceland and Greece, at the top of the range, offer replacement rates of more than 95%.
Other countries with high projected replacement rates (between 70% and 90%) are Austria, Denmark, Hungary, Luxembourg, the Netherlands and Spain.