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Field continues pensions attack

Former welfare minister Frank Field has continued his onslaught against Government pension reforms calling on the pensions industry to be more vociferous in its criticism of the plans.
Speaking at the Merseyside Life & Pensions Society, Field said the apparent developing consensus around reforms was dangerous.
He brought up the spectre of the Dangerous Dogs Bill as an example of a policy that commanded overwhelming support but was ‘one of the worst thought through pieces of legislation ever to become law’.
In the run up to next week’s Labour conference, where pensions will be given high priority, Field said the first step of the reform must be to lift everyone out of mean testing.
He said the Government can never claim that it pays to save until means testing is scrapped.
Field also said he believed whatever the end structure of the NPSS the Government will open itself up to huge liabilities.
Field said: “Why won’t the pensions industry speak out against the government’s reforms? I’ve spoken to numerous companies whose business is selling pensions, and without exception they all agree that the Government’s proposals are ludicrous. Which company chairman is going to be brave enough to tell the king he has no clothes – or, at least, no clothes worth wearing?”


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