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Millions may lose promised pension payout

Three million savers in defined benefit pension schemes only have a 50/50 chance of receiving the payouts they were promised, a study has concluded.
Some employers were under pressure to meet their pension obligations, the Pensions and Lifetime Savings Association (PLSA) said.
High-profile cases such as the BHS collapse have highlighted concerns over the future of workplace pensions.
The PLSA said one solution could be the pooling of resources into "superfunds".
This would allow companies to pay a fee to transfer defined benefit schemes, such as final-salary pensions, to a larger fund - which would then have bigger investment opportunities.
A standard deal for pension scheme members could see some receive better final payouts as a result, but others could see their expected income deteriorate.
But pensions consultant John Ralfe described the superfund plan as "outrageous". He said there was "no crisis in defined benefit pensions, so there is no need for crisis measures" owing to a well-funded lifeboat system for collapsed schemes.
"The PSLA is trying to undermine all the safeguards put in place for members since the 2004 Pensions Act. It wants to turn the clock back to the days when companies could walk away from their pensions without fully funding them," he said.
http://www.bbc.co.uk/news/business-41412498#
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