Replacement for the state pension

The Pensions Reform Group is looking to launch a national defined benefit scheme to replace the basic state pension. The new scheme, the Universal Protected Pension, which aims to provide a pension of just over 28% of average earnings, has been devised by the task-force set up by Frank Field MP. The group is made up of MPs from the three main political parties, academics and leading industry figures. The initial report has invited contributions from interested parties. Under the Universal Protected Pension Plan, everyone aged over 25 and in work will become a member of the scheme. It...