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The Labour Party government's pension shake-up could boost retirement incomes by as much as 60 per cent for millions of workers. The government has given the green light on regulations for multi-employer collective defined contribution (CDC) pension schemes.

The Labour Party's change is intended to allow the expansion of CDCs to more employers and address a growing demand among workers to receive a more secure retirement income.

This comes after research revealed that almost three-quarters of people with defined contribution (DC) schemes want a guaranteed income from their pension, despite 50 per cent of pots currently being taken out as a lump sum.

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Commenting on the news, Pension Minister,

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