John Hutton, Secretary of State for Work and Pensions, has revealed personal accounts will be run by trustees who will take "ultimate responsibility" for the "strategic direction" of the scheme including choosing funds and collecting contributions.
In a speech to the National Association of Pension Funds’ (NAPF) annual conference, Hutton says he will also be establishing a ‘Members’ Panel’ to ensure views of the members are taken into account by the trustees running the scheme. The government had previously confirmed the new system of personal accounts, which are scheduled to start auto-enrolling members from 2012, would be classed as an occupational pension scheme with a Board in place to oversee the running of the operation. However in his speech, ahead of the Government’s response to the personal accounts white paper consultati...
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