Welcome to the Pensions Reform Group

"The Universal Protected Pension we put forward is the only workable scheme that guarantees to break the link between retirement and poverty" - Chair of the Pensions Reform Group, Rt. Hon. Frank Field MP.

The Pensions Reform Group was established in 1999 with membership drawn from politics, industry, academia, voluntary bodies, and other stakeholder groups. Our joint endeavour is to begin a serious and detailed debate on banishing pensioner poverty from our shores.

Latest News & Updates

Wednesday, 14 March, 2007

Dormant Accounts

It is reported that Sir Ronald Cohen, chairman of the Commission on Unclaimed Assets, is to recommend today that at least £250 million acquired from the unclaimed assets of banks and building societies should be used to capitalise a Social Investment Bank.

Frank Field, MP for Birkenhead, and Derek Wyatt, MP for Sittingbourne and Sheppey, have already laid down a Private Members Bill in the House of Commons on Wednesday 7th March, providing for the first tranche of monies collected from dormant accounts to be given to the 125,000 victims of the collapse of occupational pension schemes.

Grant Thornton, who monitor compliance with the Dormant Accounts Act in the Republic of Ireland, estimate that there could be as much as £4 billion sitting in dormant accounts in the UK.

Commenting on the expected announcement, Frank Field and Derek Wyatt said:

A Social Investment Bank is a good idea, but our first priority must be to ensure that people who lost their pensions from the wind up of occupational schemes are compensated properly. £1.7 billion of the estimated £4 billion in dormant accounts would be sufficient to do this and would leave considerable sums for other charitable causes. Before Sir Ronald Cohen makes a decision he should meet with Grant Thornton so they can advise him of their valuation.

Contact Details:

Ben Cackett 020 7219 6636

077 667 38210

Jill Hendey 020 7219 5193

Wednesday, 7 March, 2007

Justice for Pensions Victims

Frank Field, Chairman of the PRG, has today tabled a Private Members Bill which seeks justice for the victims of collapsed occupational pension schemes. The Bill provides for a levy on the unclaimed assets of banks and building societies and gives first claim to the 125,000 affected pensioners. So far it has cost £8.8 million to pay out a mere £3.2 million in compensation through the Financial Assistance Scheme.

In introducing the Bill Frank Field said:

The official line from Government and parts of the financial industry has been how limited are the unclaimed funds in banks and building societies. Derek Wyatt and I took evidence from Grant Thornton, who were charged by the Irish Government for monitoring compliance with a similar levy in the Republic. They explained that initially Irish unclaimed assets were estimated at only 3 million Euros. So far, 196 million Euros have been located: a cool 65 times the original estimate.

Derek and I asked Grant Thornton, based on their experience, what their estimate was of unclaimed funds in this country. They put the level at up to £4 billion.

This would be more than enough to adequately endow the F.A.S and to leave considerable sums for other charitable purposes.

The Bill is being supported by Tony Wright MP, Derek Wyatt MP, Sandra Osborne MP, David Taylor MP and Kate Hoey MP.

Notes to Editors

Frank Field tabled the Pensions (Winding up) Bill in 2002. This Bill had two parts: to create an insurance fund for those in existing occupational schemes and to provide for a levy on the unclaimed assets of banks and building societies to finance compensation for those members of occupational schemes that had already wound up.

The Government blocked this Bill. It then introduced its own Bill setting up the Financial Assistance Scheme which is totally inadequate; so far it has paid out a mere £3.2 million in compensation.

The Government has now given notice that it will use the unclaimed assets of banks and building societies to fund other charitable causes.

This Bill is to make sure that the body set up to distribute these unclaimed assets gives first claim to those pensioners that were victim of the collapse of their occupational pensions schemes.

Tuesday, 12 December, 2006

Response to Pensions White Paper

Responding to the publication of the White paper on private pensions today, the Chairman of the Pension Reform Group, the Rt. Hon Frank Field MP, said:

‘PRG greets the main proposal in the White paper for compulsory employer pension contributions with considerable apprehension. The main impact of this reform will be to level down towards 3 per cent employer contributions currently standing at 16 per cent for company defined benefit schemes and 6 per cent for defined contribution schemes. Worse still, any savings are likely to be invested through the government’s national pensions savings scheme which poses the biggest risk of the mis-selling of pensions for a quarter of a century.’