On the other hand, retirees from Portugal earn almost 100% of their previous income, according to an OECD study – and the EU average is 68.1%.

The numbers come after the chancellor Rachel Reeves described the first work Budget for 14 years yesterday, containing a colossal £40 billion in extra taxes.

She confirmed that due to the triple lockdown the state pension would increase by 4.1% in the next financial year.

This means more than 12 million pensioners will receive up to £470 more a year.

Previously, the government had indicated the increase would be enough to cover costs lost by most pensioners following controversial cuts to the winter fuel allowance.

Yesterday’s Budget also announced that unused pension funds would be included in a person’s estate for inheritance tax purposes, as the Treasury seeks to increase its income from this source.

OECD statistics show that the ‘replacement rate’ of UK pensions – that is, the percentage of average earnings a person can expect to receive as a pension – is roughly similar to that of Norway and Germany.

Turks, Netherlands and Greeks can expect to receive 90% or more of their previous earnings when they collect their pension.

Among the lowest rates in Europe (excluding voluntary pension schemes) are Lithuania, Estonia and Ireland.

Currently, UK pensioners receive either the old state pension or the new state pension depending on whether they reached the age to start drawing it before or after 6 April 2016.

The old State Pension is a two-tier system with a flat rate of £169.50, supplemented by an additional earnings-related payment, while the new State Pension consists of a flat rate allowance at just one tier worth up to £221.40 per person. per week.

Both figures increase each year at the greater of 2.5%, inflation or profit growth, thanks to the ‘triple lock’ system.

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