Tories will overhaul pension system

The Conservatives have promised to overhaul the pension system if they get into power.
Shadow Secretary of State for Work and Pensions Teresa May said theyd introduce radical changes.
They want to bring forward and auto enrolment scheme that will see people automatically signed up to the National Pension Saving Scheme with an option to opt out.
Ms May also promised the Conservatives would end the obligation on pensioners to buy their annuity at the age of 75 and said it would be short-sighted to give up on defined benefit pensions altogether.
She said they would look at alternatives, including adopting "hybrid" models whereby the risk in defined benefit pensions was shared between both employer and employee.

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