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The new law will simply continue the existing pension system.
The prime minister and the chancellor of the exchequer have been feuding over a reform plan laid out in November by the Pensions Commission, a government-appointed body.Chaired by Lord Turner, a former director-general of the Confederation of British Industry, the commission had already established in 2004 that the existing pension system would be unable to deal with an ageing population.
Similar(58)
The existing pension and service systems in China are facing enormous challenges.
In the short term the burden of taxation would rise as existing pension obligations are met at the same time as the new funded system is built up.
Ask them to screen the existing pension fund or offer an alternative ethical pension.
The existing pension law has been widely criticized as overly complex and ineffective at keeping pension funds healthy.
Tthe pensions industry lobbied hard to stop existing pension schemes switching to Nest, calling it "unfair competition".
Last year, city residents voted overwhelmingly to close the existing pension plan to new hires.
The existing pension framework is in itself problematic for those who are eligible to claim.
For a state like South Dakota, he said, the existing pension rules were "very workable".
This shutdown of the entire scheme means employers need only honour existing pensions contracts.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com