Prime Minister David Cameron has denied the end of contracting out of the state second pension will create a wave of further closures of final salary pension schemes.
Contracting out is set to be abolished as part of state pension reforms due to be announced today. In an interview with BBC Radio 4's Today programme Cameron said he expected companies to continue offering the schemes. He said: "Many companies will continue with final salary pension schemes. I think standing back, the current system is too complex, it involves a lot of means testing and it hasn't help women build up a decent pension." On the effect of the reforms on those currently contracting out of the state second pension, Cameron reiterated the benefits in the long-run. He s...
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