Press & Media
The Pensions Reform Group was set-up and is chaired by Rt Hon Frank Field MP. It has been founded to identify weaknesses in the current pensions system and to present plans aimed at providing for a simple and workable, long term settlement that will allow everyone retiring after a working life to live free of poverty.
Pension Reform Group in the Press
Dormant Accounts
14 March 2007
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
Fear of real change
PENSIONS WEEK 20 February 2006
The NPSS could provide a smoke screen behind which the government can hide the real issues affecting pensions and may prevent any major reform.
(download Fear of real change PDF)Pensions Commission's proposals for reform require extensive discussion
FINANCIAL TIMES 14 February 2006
Ministers have therefore sailed on with their thinking that there is a consensus "out there" around the Pensions Commission's proposals. There is not. Your reported comments by Lord Turner are based on a misunderstanding of the Pensions Reform Group's proposals.
(download Financial Times article PDF)Pensions debate reaches denouement
INDEPENDENT: 7TH FEBRUARY 2006 7 February 2006
The mound of proposals for pensions reform has grown into a veritable mountain as this week's deadline for submissions to the Government's pensions white paper approaches. Every day brings a lorry load more.
(download Pensions debate reaches denouement PDF)Pension reform: time is running out
FINANCIAL TIMES: 24TH DECEMBER 2005 24 December 2005
Sir, the Action by Rentokil Initial to curb its pension scheme costs emphasises a chilling reality in the pensions debate
(download Pension reform time is running out PDF)Mending the gender gap in pensions
THE GUARDIAN: 9ND NOVEMBER 2005 9 November 2005
Mending the gender gap in pensions. Frank Field, Chair of the Pensions Reform Group, sets out the big question on pension reform in a letter to The Guardian.
(download Mending the gender gap in pensions PDF)Pensions: not just a women's question
PRESS RELEASE: 2ND NOVEMBER 2005 2 November 2005
Pensions - not just a women's question. The PRG's comments following the publication of the DWP Report 'Women and Pensions - the evidence'.
(download Pensions not just a woman's question PDF)UK can learn from NZ
PENSIONS WEEK: 24TH OCTOBER 2005 24 October 2005
New Zealand's success in implementing a generous state pension system will be severely tested if it is tried in the UK
(download UK can learn from NZ PDF)Funded to fail?
PRESS RELEASE: 5TH OCTOBER 2005 5 October 2005
The Pension Protection Fund has been established to provide an insurance for pension schemes in deficit where sponsoring employers become insolvent. But in a submission to the PPF Frank Field MP questions whether the method chosen by the Government fo finance the levy will have the paradoxical effect of increasing the schemes having to draw upon the Fund, thereby bringing the Fund itself into question.
(download Funded to fail PDF)Pensions in the pending tray
THE HOUSE MAGAZINE: 26TH SEPTEMBER 2005 26 September 2005
Nobody wants to talk about it when there's a leadership succession to be managed, but Frank Field urges Tony Blair to confront them to save.
(download Pensions in pending tray PDF)Government would be wise to adopt Sir Malcolm's pension ideas
FINANCIAL TIMES: 22ND SEPTEMBER 2005 22 September 2005
Going beyond the this limited increase in compulsion - the minimum contribution necessary to prevent people being on welfare in retirement - would lead us into a mindfield.
(download Government would be wise PDF)Ignoring the obvious
PENSIONS WEEK: 19TH SEPTEMBER 2005 19 September 2005
Plans should be in place to make up pension deficits for companies who are losing money hand over fist, before the publication of the risk-based levy.
(download Ignoring the obvious PDF)Reform is urgent
PENSIONS WEEK: 15TH AUGUST 2005 15 August 2005
The Turner Commission is the latest in a long lie of initatives stalling pensions reform.
(download Reform is urgent PDF)In praise of the pensions credit
PENSIONS WEEK: 11TH JULY 2005 11 July 2005
Gordon Brown can be proud of his record of delivering very sizeable additional income to the poorest pensioners - no other chancellor has a record to compare with this aspect of his stewardship.
(download In praise of the pensions credit PDF)To fund or not to fund
PENSIONS WEEK: 25TH APRIL 2005 25 April 2005
Ben Forsyth continues the debate on funding the state pension. He looks a how part-funding might work and what provisions should be made for governance structures that keep politics outs of investment decisions
(download To fund or not to fund PDF)Pensions tightrope
DAILY MAIL: 9TH MARCH 2005 9 March 2005
Companies that close their generous final salary pension schemes to new staff while keeping them open to existing ones may be breaking the law, the chairman of the Pensions Reform Group has warned.
(download Pensions tightrope PDF)Pensions Group says final-salary schemes are doomed
SUNDAY TIMES: 6TH MARCH 2005 6 March 2005
Final-salary pension schemes have "passed the point of no return", according to the Pensions Reform Group (PRG), chaired by Frank Field, the former welfare reform minister.
(download Pensions Group says PDF)The case against a Citizens Pension
POLITEIA PRESS RELEASE: 3RD FEBRUARY 2005 3 February 2005
The case against a Citizens Pension by Frank Field, Chairman of the Pensions Reform Group at a Polietia pensions seminar.
(download The case against Citizens Pension PDF)In search of a 21st century solutions for pensions
FINANCIAL TIMES: 12TH DECEMBER 2004 12 December 2004
A letter by Frank Field to the Financial Times, published in the Comment section.
(download In search of a 21st PDF)Are competing funds the best way forward?
FINANCIAL TIMES: 16TH NOVEMBER 2004 16 November 2004
A letter by Frank Field to the Financial Times, published in the Letters to the Editor section.
(download Are competing funds PDF)