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Until recently, I had thought that only those on the point of retirement had been truly clobbered in the rout of our pension system caused by ultra-low interest rates. Then I opened my latest pension statement.

I have paid “additional voluntary contributions” into a fund under a “defined contribution” scheme. That means the amount I paid in was fixed, but what I will eventually get out is not. This fund, entirely invested in equities, did rather well over the course of 2012, its value rising by 11.7 per cent. But when I turned to look at the Statutory Money Purchase…

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