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Pension reforms announced in Queen's Speech 2014

Plans for giant "pooled" pension schemes with the potential to boost people's chances of getting a better retirement outcome have been unveiled in the Queen's Speech. The legislation will enable "collective schemes" that spreads risk between members.

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Pension reforms 'at heart' of Queen's speech

Pension reforms will be at the heart of a Queen's Speech setting out the legislative programme for the final year of the coalition Government.

Changes trailed in George Osborne's Budget will end the requirement for pensioners to buy an annuity to provide a guaranteed income during retirement, and legislation is also expected to be announced to introduce collective workplace pension schemes.

In a joint statement, Prime Minister David Cameron and Deputy Prime Minister Nick Clegg said that the speech would be "unashamedly pro-work, pro-business and pro-aspiration".

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