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Government announces consumer body to advise on personal accounts

The Government has announced a consumer representative committee will work with the Personal Accounts Delivery Authority to advise on plans for personal accounts.

PADA non-executive director Jeannie Drake will chair the committee that will advise the main board on consumer issues.

Groups including Which?, Citizens Advice, Equalities and Human Rights Commission, Financial Services Consumer Panel, Age Concern, Help the Aged, the Fawcett Society and the TUC have all been invited to help set up the committee.

Drake says: “Consumer representation is vital to the success of the scheme and the work of the delivery authority: it is essential that people feel it is their scheme; that their voice is heard and that the scheme is responsive to their needs.

“The consumer representative committee will provide advice and guidance to the delivery authority based on its specialist consumer insight and will act as a forum for sharing ideas and research – as well as a consultative channel.”

Pensions minister Mike O’Brien says: “Personal accounts will be good news for consumers – providing millions of low to moderate earners with access to an occupational pension with an employer contribution for the first time – and offering low charges so that they can keep more of their pensions saving.

“I am pleased that the delivery authority has taken this step which shows our ongoing commitment to providing good value for savers, and engaging with key stakeholders as we set up personal accounts.”

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