For some employees, the administration proposal would reduce lump-sum pension payouts.

Her work exposed big pension payouts in Illinois and other states.

What does voter anger at pension payouts and government spending mean for candidates who rely on the support of public employees?

If you start at 22 instead of 25, your pension payout will be 21pc greater once you give up work for good.

The tax equals 15 percent of annual pension payouts that exceed about $112,500.

As a result, companies paid smaller salaries with incremental annual raises and a big pension payout at retirement.

He also ruled out introducing legislation to guarantee pension payouts, because people were living much longer.

Stock performance can be unpredictable, and pension payouts are predictable, creating a mismatch, he said.

One proposal is to apply the tax break to pension payouts that result from venture investments held more than five years.

Generally, the agency caps pension payouts at about $45,000 a year, to workers who are 65 when the plan fails.