Magazine article Public Finance

Field Presents His Pension Ideas to Blair

Magazine article Public Finance

Field Presents His Pension Ideas to Blair

Article excerpt

Former social security minister Frank Field this week presented his recommendations on preventing a pensions crisis to Prime Minister Tony Blair.

Field's Pensions Reform Group has suggested the introduction of a funded scheme, under which the wealthy would partially subsidise poorer sections of society through higher contributions.

The PRG recommendations, presented to Blair on April 24, propose a universal, protected pension that combines the basic pay-as-you-go state pension with a new, funded scheme boosted by investment returns.

It is in contrast to the largely tax-funded package recommended by Lord Turner's Pensions Commission last year.

Launching the report, Field said: 'The real choice [between the suggested reforms] is whether we think a tax-financed system or one based on investment will last. …

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