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At present, pensions contributions are made from pre-tax income.
At present, pensions are paid directly from current workers' contributions.
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Labor union resistance to tampering with the present pension plan is sensitive political territory.
The minister was the ideal choice, since he may be the only person on Earth who comprehends the present pension regulations.
The consultation paper confirms a U-turn set out by ministers a month ago, in the face of criticism that government reforms were presenting pension firms with the chance to rip clients off.
At present, one pensions analyst calculates that a "typical" personal pension pot of £30,000 could buy an inflation-proof annual pension income (called an annuity) of £1,115 a year.
At present, personal pension holders in the 40p tax bracket can claim the difference between basic relief.
This is expected to buy a tax-free income equal to one-third of the average take-home pay (about the same level as the present state pension paid from taxation).
At present, workplace pension scheme take-up is more than 90% in public sector jobs such as public administration, defence and social security, compared with just 6% in shorter-term accommodation and catering work.
Bernard Thibault, head of the communist-backed CGT, France's biggest trade union, has promised that, if the government presents its pension-reform plans as a fait accompli there will be "sport, and not only on the rugby field" (France is hosting the rugby World Cup).
Both rates make the present value of pensions liabilities much higher than that declared by the states.Using Treasury bond yields as the basis for discounting, Mr Rauh and Mr Novy-Marx calculate that states' pension liabilities are as much as $5.3 trillion.
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