BANKS, LIFE assurers and fund managers are to be given leading roles in setting up and eventually running the government's proposed low-cost national pensions savings scheme.
In an interview with The Financial Times, James Purnell, pensions minister, said top executives from the financial services industry would be recruited to a proposed “delivery authority”. Its job will be to establish the system of so-called personal accounts, into which up to 10 million employees will be automatically enrolled, with their employers compelled to contribute. Attempting to dispel fears personal accounts could lead to the nationalisation of the savings industry, Purnell said the “vast majority of functions” in running the scheme, starting in 2012, would be carried out by th...
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