According to government estimates, up to three million workers are ‘seriously undersaving’ for their retirement, with experts saying that the UK savings shortfall could be as much as £27bn. It is within this context that we welcomed the Green Paper at the end of last year.
The Green Paper identifies three broad themes to encourage and improve occupational pension schemes: simplification, information and protection. An area of particular interest within the paper is the proposal to enhance the protection of members of final salary-type occupational schemes. In particular, in situations where the members of such schemes on winding-up suffer a significant reduction in the benefit they reasonably thought they were entitled to receive.
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