DWP proposes removing indexation in final salary schemes

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The Department for Work and Pensions (DWP) has published its long-awaited defined ambition (DA) paper, setting out three proposals for new structures for schemes, including a 'flexible' defined benefit (DB) model which would see the removal of indexation requirements.

After a year of consultation with the industry, the DWP has proposed ‘flexible defined benefit' (DB), guaranteed defined contribution (DC), and collective DC options. Flexible DB The DWP said ...

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