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Field returns with plan for compulsory second pension

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Former Labour pensions minister Frank Field is set to relaunch his welfare reform campaign to create a compulsory funded second pension which would replace the Government&#39s own state second pension.

His proposals, to be released on September 18, come after claims made in an IPPR report last week that the Government&#39s pension policy is flawed.

Field is calling for a mandatory funded second pension which would take in all new workers from its inception. National Insurance contributions would jump from 10 to 15 per cent to cover the cost of the scheme which would be run at arm&#39s length from the Government by an independent board of trustees.

The trustees would elect a provider or handful of providers to run the scheme and be responsible for the investment decisions.

The Liberal Democrats have offered their support to Field&#39s proposal, saying the plan is similar to their owned second pension account.

The news comes as the Consumers&#39 Association says it is planning to create its own alternative pension policy after a series of discussions with opinion-formers such as Field and the IPPR. Field first tried to persuade the Government about his plans when he was welfare reform minister between 1997 and 1998. He wrote a letter to Prime Minister Tony Blair advocating his case, which was rejected by Downing Street.

A spokesman in Field&#39s office says: “Our plan will involve all the working population in a compulsory funded second pension where the contributions will be invested privately by approved providers independently of the Government.”


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