Allow private sector employees to buy into Defined Benefit pension schemes available in the public sector.

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Allow private sector employees to buy into Defined Benefit pension schemes available in the public sector.

Additional Information

Private sector employees, or employers, should be able to pay to buy into government backed, Defined Benefit pension schemes, as made available to employees in the public sector.

Defined Benefit pension schemes are almost entirely unavailable in the private sector. The option to buy into a government backed Defined Benefit scheme would greatly enhance the options available to private sector employees to save for a pension, encouraging greater saving.

Setting a price on buying into these benefits would make transparent the value of pensions offered in the public sector, enabling better comparison of public and private sector packages. This should encourage fairness, and enhance employee mobility between the public and private sectors.

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