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Over the next decade, cities and states across America will be compelled to tighten their belts as the really big bills - the pension bills they cannot afford - come due. They'll have to go after existing contracts with current workers.
To the extent that people overpay as a result of the Libor manipulation, they should be able to get their money back. Individuals who have mortgages, pension funds who had pensioner investments - whoever was ripped off is entitled to get their money back.
The former pension minister, the Liberal Democrat Steve Webb said I was trying to abolish the lump sum. Instead, we are going to keep the lump sum and abolish the Liberal Democrats.
I can guarantee you this, that more pension and benefit reforms which I will consider arbitration reform to be one of them, are things that when they come to my desk, they will be signed.
