Prior to 1974, when a company went bankrupt and liquidated, longtime employees lost their job, wages, health insurance, and their entire pension.

FORBES: PBGC Pension Termination: A Worker's Perspective by Terry O'Rourke, United airlines (December 15, 2007 )

This will abolish the current practice whereby employees get a National Insurance (NI) rebate of 3.4% for contracting out of the second state pension to enter final-salary schemes, which affect more workers in the public sector such as in the NHS, the UK's largest employer.

BBC: Finance