Table 21. Expected old-age replacement rates in OECD countries 1 Per cent 1961 1975 1995 United States 39.1 49.1 56.0 Japan 24.6 54.1 52.1 Germany 60.2 59.6 55.0 France 50.0 62.5 64.8 Italy 60.0 62.0 80.0 United Kingdom 33.4 33.8 49.8 Canada 31.3 45.1 51.6 Australia 19.1 32.8 40.9 Austria 79.5 79.5 79.5 Belgium 72.6 70.5 67.5 Czech Republic .. .. 53.2 Denmark 35.9 42.3 56.2 Finland 34.9 58.6 60.0 Greece .. .. 120.0 Hungary .. .. 54.6 Iceland .. .. 93.0 Ireland 38.6 28.9 39.7 Luxembourg .. .. 93.2 Netherlands 32.2 48.0 45.8 New Zealand 32.0 43.0 61.3 Norway 25.3 61.2 60.0 Poland .. .. 53.7 Portugal 85.0 77.0 82.6 Spain .. 50.0 100.0 Sweden 53.8 77.1 74.4 Switzerland 28.4 51.7 49.3 Average of above countries 2 44.0 54.6 59.3 1. The figures refer to theoretical replacement rates and are based on assumptions detailed in Blöndal and Scarpetta (1998). 2. The average for 1995 refers only to countries for which data are available for the whole period covered in the table. Source: Blöndal and Scarpetta (1998), The retirement decision in OECD countries, OECD Economics Department Working Paper no. 202.