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The government is exploring new types of pension schemes that would give more security to retiring workers. Minister for Pensions, Steve Webb, says the government is looking at several options that might become, what he terms, a “defined ambition plan”. The idea is to replace final-salary pensions, which have become too expensive for many private firms. Private sector workers could be offered a fixed retirement income if they agree to work longer, or guaranteed pension pots. The Lib Dem minister said ‘a measure of certainty in their future pension’ would be welcomed by employees. He added: ‘The Government is therefore… continue reading