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Pensions ‘raided for £1bn by Government’

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Mercer Human Resource Consulting, the UK’s biggest pensions and human resources consultancy, has accused the Government of a ‘stealth tax’ raid on company pension schemes.

It claims that the Treasury is proposing to pay almost £1bn a year less to employers with contracted-out, final salary pension schemes than its adviser, the Government Actuary, has recommended.

“Yet again the Government has gone back on one of its pledges and thrown the pensions arena into more confusion,” said financial adviser Martin Cunningham.

“I do wonder if anyone will get the pension that they have been led to expect.”

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