Reports and Publications
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.
The Chance of a Lifetime: how to pay for reforming the basic state pension
April 2006
With the publication of the Pensions Commission’s final report the Chancellor is reported to be in 90-95 per cent agreement with the Commission’s proposals. There appears to be two questions in the Government’s mind. The first is whether the Pensions Commission’s proposals for reforming the basic state pension (BSP) are affordable. To this question of affordability must be added the equally important question of trust. Will a major pension reform financed by tax increases be delivered in the longer-term? Or will an investment-led reform more securely lock politicians into delivering the pension promise? The Pensions Reform Group (PRG) believes voters know the answer to this question.
(download The Chance Of A Lifetime PDF)Alternative approaches to a National Pensions Saving Scheme - DWP Pension's Summit
February 2006
Speaking at the DWP hosted Pensions Summit, to be held in the Cabinet War Rooms, alongside the Association of British Insurers, the National Association of Pension Funds, the Investment Management Association, to an audience including Lord Turner and senior civil servants, the former minister for welfare reform will set out the PRG’s proposal for a universal funded defined benefit pension – called the Universal Protected Pension (UPP) – to sit on top of the existing Basic State Pension.
(download Alternative Approaches to the NPSS (Slide presentation) PPT)Developing alternative approaches to a National Pensions Saving Scheme
January 2006
Following the publication of the second Pensions Commission Report the Minister for Pensions Reform issued a challenge to the pensions industry to come up with a more robust alternative. The PRG willingly accepts that challenge and does so becuase it believes the Penion Commission proposals squander the unique opportunity which is now presented to the country on long-term sustainable pension reform.
The submission outlines three structural weaknesses in the proposals of the Pension Commission. They are:
- They do not aim to eliminate future pensioners covered by its reforms from being dependent on means-tested assistance.
- Their proposals open a future government to mis-selling on a massive scale.
- Their proposals are likely to lead to the final demise of occupational pension schemes being major providers of income for pensioners.
Universal Protected Pension - a framework for building consensus
July 2005
The Universal Protected Pension (UPP) is a concept based on some core objectives and principles. The purpose of this paper is not to reiterate the need for pension reform; rather:
- To reiterate the essentials of the UPP; and
- To show how the UPP could accomodate others' views and, thereby, provide an attractive framework around which to build consensus.
Response to the First Report of the Pensions Commission
January 2005
Response to the First Report of the Pensions Commission
The first report of the Pensions Commission - Pensions: Challenges and Choices was published in October 2004. The Pensions Commission is due to publish its final report in the Autumn.
The Pensions Reform Group submitted its response early in 2005. The response is structured as follows:
- Part 1: The case for an adequate basic minimum retirement income
- Part 2: The Pensions Reform Group's proposal: The Universal Protected Pension
Research Findings on the Universal Protected Pension
January 2003
Research Findings on the Universal Protected Pension
Following the publication of the Universal Protected Pension The Follow-up Report the Pensions Reform Group was eager to research the public's perceptions and understanding of existing pension provision, and their response to the Pensions Reform Group's proposals. The research was carried out by Radcial Group Ltd to determine people's:
- Understanding of existing pension (provision (state and private)
- Existing personal pension provision and expectations
- Perceptions of the "pensions crisis"
- Knowledge and understanding of possible solutions, and responsibility for providing them
- Response to UPP proposals
- Segmentation of attitudes by demographics, voting intention and other observable variables
Universal Protect Pension Report
October 2001
Universal Protect Pension Report
This report by the Pensions Reform Group provides the outline proposals for the Universal Protected Pension, a radical long-term alternative to the cul-de-sac into which the pensions debate has been driven.
It looks at how the scheme will provide a much improved first tier of pension of 25 to 30 percent of average income, lifting people off of means-tested benefits. Compulsion is proposed here in a simplified form for each cohort reaching the age of 25. The report also covers the governance arrangements necessary for a universal and collective pension provision.
(download upp_first_report2001 PDF)