Alternative plans for pensions reform will be unveiled today by former welfare minister Frank Field, who will meet Tony Blair to discuss a funded scheme under which the wealthier in society would subsidise the poorer.

Mr Field, chairman of the Pensions Reform Group, one of several bodies to have stepped into the debate, argues that his proposals for a universal, protected pension would be worth £130 a week in today’s money, over 50%

more than the basic State Pension currently pays.