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Daily Mirror
Daily Mirror
Business
Sam Barker

New pension scheme launches today - and it could mean you get more cash in retirement

A new type of pension has launched - and it could mean better payouts in retirement than current workplace pensions.

Until today Brits had one of two sorts of workplace pension - defined benefit (DB) or defined contribution (DC).

Old-fashioned DB pensions give a guaranteed, often very generous, payout in retirement. They are also known as "final salary" pensions.

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