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UK proposes reduced employee protections on workplace pensions

LONDON: Britain's government proposed reducing protection for employees in employer-provided workplace pensions on Thursday, in a bid to stop companies shutting such costly schemes altogether.The Department for Work and Pensions published a consultation paper suggesting that for new pension schemes and future payments into existing ones, employers be allowed to remove inflation protection and automatically...

SAMAA | - Posted: Nov 7, 2013 | Last Updated: 8 years ago
SAMAA |
Posted: Nov 7, 2013 | Last Updated: 8 years ago

LONDON: Britain's government proposed reducing protection for employees in employer-provided workplace pensions on Thursday, in a bid to stop companies shutting such costly schemes altogether.The Department for Work and Pensions published a consultation paper suggesting that for new pension schemes and future payments into existing ones, employers be allowed to remove inflation protection and automatically raise pension ages if their staff live longer.”Final salary pensions have been in long-term decline and if we do not act it could disappear altogether. We want to help the best employers offer good alternatives including new forms of salary-linked pensions,” said pensions minister Steve Webb.Prices for long-dated British index-linked government bonds fell after the announcement.As well as affecting many Britons who are still in such schemes, financial analysts have warned that such proposals could hit bond prices by reducing the need for British pension funds to purchase inflation protection..–REUTERS

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