24 September 2009 – DWP invites applications for first ever chair of personal accounts scheme

The next phase of the Government’s pensions reform policy will see the key position of Chair of the trustee corporation, the body that will run the personal accounts scheme, advertised.

Minister for Pensions and the Ageing Society, Angela Eagle said:

"This is an important step towards giving millions of workers the chance to save for their retirement with a guaranteed contribution from their employer and the State.

"Launching personal accounts will mark a step change in the way pensions are provided for in the UK, on a scale unprecedented anywhere in the world. The opportunity to be part of that promises to be an exciting challenge."

The trustee corporation will be set up as an independent body that will run the personal accounts scheme in the best interests of its members. It will be overseen by a chair, deputy chair and up to thirteen ordinary members.

The Government is considering an early start date for the trustee corporation to allow sufficient time for the trustees to familiarise themselves in their roles, and to prepare for the personal accounts scheme to be launched in 2011 with a limited number of volunteer employers, so that the functionality of the scheme may be tested before auto-enrolment starts in 2012.

Notes for editors

1. The Government is introducing an integrated package of reforms to both state and non-state pension provision. These changes derive from recommendations made by the independent Pensions Commission which reported in 2005.
2. As part of these reforms, the Pensions Act 2008 places a new duty on employers to automatically enrol all eligible workers into a qualifying workplace pension arrangement and, for the first time, employers will be required to make a minimum contribution to that arrangement.
3. Not all employers will be able to source a low cost commercial pension for their workers from the existing pensions market. To ensure all employers have access to a low cost, simple pension scheme, the Government is setting up a new large-scale trust-based pension scheme, referred to as the personal accounts scheme.
4. The trustee corporation will be an independent body, responsible for running the personal accounts scheme in the best interests of it members. The trustee corporation will be overseen by between nine and fifteen members. Together they will form the corporate trustee of the scheme. Appointments to these roles will be made by the Secretary of State for Work and Pensions. Hays Executive in partnership with Trust Associates are supporting the recruitment exercise, more information can be found at www.hays.com/jobs/trusteecorporation.
5. The trustee corporation is being set up to support the planned delivery of the overall reform programme in 2012.

Media Enquiries:  0203 267 5144
Out of hours: 07659 108 883
Website: www.dwp.gov.uk