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New scheme for local authority workers unveiled

A revamped pension scheme for local government workers will go live from April 2008. Up to 1.7 million members of the current plan will transfer across on this date and start to build up benefits on the basis of the new scheme's 1/60th accrual rate. However, questions remain over the transition, particularly concerning the phasing-out of the so-called "rule of 85" early retirement provision.