Backlash over new pensions legislation

By Norma Cohen in London
Published: March 23 2006 22:11 | Last updated: March 23 2006 23:19

Employers will be able to slash their contributions to underfunded pension schemes by tens of billions of dollars over the next five years under proposed legislation before Congress that was expected to have the opposite effect.

The legislation was proposed by the White House last year to lessen the risk of a taxpayer bailout of the Pension Benefit Guaranty Corporation, a federal safety net for pension schemes.