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Also known as a money purchase scheme.
He said most people were in money purchase schemes where employers match contributions.
However, if you've accrued various money purchase (defined contribution) workplace pensions, get them to work harder.
They have been replaced by money purchase or defined contribution (DC) schemes.
The new rules will only apply to people with defined contribution (or money purchase) pensions.
Hot on the heels of Barnardo's announcement, the Office of Fair Trading has said it will investigate money purchase schemes.
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"This query came to mind this weekend as I took my seat in glorious sunshine to watch (Manchester City's recent big-money purchase) Melbourne Heart play Brisbane Roar.
For many, their money-purchase pensions are the first step.
Amid the current hype, many people forget that employers once before flocked to money-purchase schemes.
The benefits of money-purchase schemes come only to those "modern" labourers who change jobs often.
And one class of investor will be especially badly hit: workers in defined-contribution, or money-purchase, pension schemes.
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