UK Rolls Out '3rd Way' Pension Scheme With Set Income

By Irene Madongo (August 1, 2022, 1:50 PM BST) -- The government said on Monday that company bosses can now apply to offer employees a new "third way" type of pension plan, whose roll-out could transform the country's retirement savings landscape.

The new collective defined-contribution pension schemes are an alternative to Britain's two primary type of retirement plan — defined benefit and defined contribution.

Defined benefit schemes are set up by an employer and promise a specific income. By contrast, benefits in defined contribution plans depend on factors such as how much someone has paid into their account and the investment performance of the fund.

But collective defined contribution pension schemes,...

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