It currently guarantees payment of basicpension benefits for 44 million U.S. workers and retirees.
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The new flat-rate pension replaces the current basicpension of £110 a week, plus various means-testedtop-ups
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The central message from Securing Retirement Income, the IPB's submission to the Government, is that basicpension schemes do not come cheap.
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DENMARK - aside from offering a small basicpension, the Danish system is based on occupational schemes run by the giant ATP fund.
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Such a scenario would jeopardize political projects now working their way through the legislative process including a new basicpension, and a climate protection package.
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Ministers claim raising the basicpension in line with earnings will preserve its value and reduce means-testing to 30% by 2050.
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Instead of a basicpension of £107 plus various mean-testedtop-uppayments, recipients will get a weekly payment equal to the value of £144.