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The financial security
The financial security of pensioners tomorrow will be vastly improved by encouraging more saving today. To get more people into the saving habit, we will create a new Lifetime Savings Account in which government contributions top up the money that people save themselves. And we will take a series of steps to strengthen company pensions. We will abolish the rules that stop firms promoting pension schemes to their staff, encouraging employers to make pension schemes ‘opt-out’ rather than ‘opt-in’. We will also use the unclaimed assets of banks and other financial institutions to replenish the pension funds of people who lose out when a scheme fails.