Union Urges Caution After 'Third Way' Pensions Launch

By Irene Madongo (August 5, 2022, 3:11 PM BST) -- A leading U.K. public services trade union has warned against employers replacing viable defined benefit retirement plans with the new "third way" type of pension scheme, saying doing so could erode members' benefits.

Unison said Thursday the government wants the new collective defined contribution schemes to be an alternative to Britain's current two primary pension scheme models — defined contribution and defined benefit — but added that caution is needed when employers consider any changes to existing pension arrangements.

Defined benefit schemes, which are set up by an employer and promise a specific income, are vital in providing decent pensions for many...

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