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Pensions will be increased by 8.5% in line with average earnings to £221 a week from April, maintaining the so-called “triple-lock” policy whereby the amount paid is whichever is highest out of average earnings growth, Consumer Price Index (CPI) inflation or 2.5%.
Savers could be given the right to pick the pension scheme their employer pays into, similar to the approach taken by countries like Australia, under proposals being put out to consultation.
A £320 million plan to help unlock pension fund investment for technology and science schemes was also announced.
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