Field moots DB-like scheme

former social security secretary proposes a universal protected pension as alternative to NPSS

The Pensions Reform Group has suggested a defined benefit system as an industry alternative to Adair Turner's National Pensions Savings Scheme (NPSS). The proposals claim that by providing a state system with a fixed, earnings-related payout, those companies struggling with their defined benefit schemes could offset the amount paid against their own final salary commitments. The group, led by former Social Security Secretary Frank Field, suggested that a universally funded defined benefit pension, called the Universal Protected Pension, be adopted. This would sit on top of the full basic ...