Frank Field has introduced a ten minute bill into the House of Commons this week calling for funded compulsory stakeholder pensions worth 30 per cent of average earnings.
The new guaranteed across-the board pension would complement the existing state pension but replace SERPS. The funded pension would be run by approved mutuals backed by unions, employers and financial institutions.
Field is also setting up a panel of experts believed to include politicians from both the Liberal Democrat and Conservative parties, Professor George Yarrow of Oxford's Regulatory Policy Unit and Peter Gray the former chairman of Tunbridge Wells Equitable Friendly Society.
Field will set out his ideas for further reform of welfare in a series of ten minute bills and lectures approximately every six weeks. The next paper will set out the costings for this reform.