US shakes up pension system

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US President George Bush has signed into law new rules on pension provision that he said were: "The most sweeping reform of America's pension laws in 30 years," but a senior figure within the US pensions industry argues that attempts to shore-up the declining defined benefit sector (DB) are simply, "A cosmetic solution to a serious problem."

Faced with a massive increase in pension deficits, which Aon Consulting estimated had seen the total deficit for the Fortune 100 companies increase by 65