16 January 2007 - Thornton to lead Institutional Review
The Government announced today that Paul Thornton has been appointed to lead an external review of organisations involved in the regulation and protection of workplace pensions.
Mr Thornton, Managing Director of Gazelle Corporate Finance and a previous President of the Institute of Actuaries, has been appointed to lead the Institutional Review announced in our May White Paper.
The Institutional Review will look at how the responsibilities of the pensions institutions - such as The Pensions Regulator, Pension Protection Fund, and the Financial Services Authority – are arranged to ensure they support existing Government policy, fit our reform proposals and developments in the pensions market.
Minister for Pensions Reform James Purnell said:
“I’m very pleased to announce today that we have appointed Paul Thornton as an independent external reviewer to lead the Institutional Review. Paul has a wealth of experience in this field.
“In taking forward this review we want to encourage debate amongst the stakeholders involved and build consensus on the best way forward. It is essential to the success of our proposed reforms that institutional responsibilities are arranged in the most effective way in order to support workplace pensions.”
Mr Thornton will present the findings and recommendations of the review in Spring 2007.
Notes to Editors:
- The institutional review was announced in the White Paper ‘Security in retirement: towards a new pensions system’, published in May 2006. Further detail was outlined in the ‘Summary of responses to the consultation’ in October. Copies are available at http://www.dwp.gov.uk/pensionsreform/
- The institutional review is included in the DWP’s Simplification Plan. Copies are available at http://www.dwp.gov.uk/aboutus/better_regulation/simplification_plan.pdf
Media enquiries: Ben Lloyd 020 32675136, Sam Michaelides: 020 32675141
Press office: 020 3 267 5144
Out of hours: 07659 108 883
Textphone: 020 32675145
Public enquiries: 020 7712 2171
Website: www.dwp.gov.uk