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Pensions Bill

The Secretary of State is reassuring on the levelling down of contribution amounts. However, for many of us, the more critical question concerns the continuing drift of the level of contributions paid by employers out of defined-benefit schemes into defined-contribution schemes. Is his mind still open to the suggestion from the Association of Consulting Actuaries that there should be new indexation arrangements that would allow more defined-benefit schemes to continue, not only for existing members but for future members? Many young people will not enjoy the same pensions as our generation—which he mentioned—unless something is done.