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Investment risk has been switched to the employee

Published: December 3 2008 02:00 | Last updated: December 3 2008 02:00

From Prof Alasdair Smith.

Sir, John Ralfe (Letters, December 2) writes that the public sector should emulate the private sector in moving from defined benefit to defined contribution pensions. However, in the last decade many private sector employers have not only switched from defined benefits to defined contributions, they have also greatly reduced the level of employer contributions to pensions.

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