Minister for Pensions Angela Eagle says: “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.
The corporation will 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.