"I am therefore delighted that we have been able to find a solution that retains the final salary scheme for those who wish to remain within it, " he added.

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In London, one solution is the east-west Crossrail scheme.

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As a solution to the Philippines' fiscal woes, the scheme has many advantages.

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Colebrook residents were told it could be 2014 before a solution was found but South West Water say they hope to have a scheme in place by October.

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He said it had become clear that the voluntary registration scheme which had been under consideration would not have provided a "robust solution".

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Residents had been told it could be 2014 before a solution was in place, but SWW said in January it hoped to have a scheme in place by October.

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