Paul Myners is to head the Personal Accounts Delivery Authority which is responsible for getting the Government’s personal accounts scheme up and running.
Myners conducted the Treasury review of institutional investment, the forerunner to the controversial Sandler review of long-term savings. Myners also ran independent Government reviews of mut-ual insurance companies and equity investment in science-based enterprises.
He has considerable industry experience, including positions as chief executive of Gartmore and director of NM Rothschild and NatWest.
Myners says: “Setting up a trust-based occupational pension scheme with up to 10 million members is going to be a major undertaking and I look forward to getting on with the role.”
Work and Pensions Secretary Peter Hain says: “The Government is absolutely committed to making personal acc ounts a success.
“That is why we are setting up an independent body now with the necessary skills and experience to get the policy design of personal accounts right and to ensure that the interests of members remain at the heart of the scheme.”
ABI assistant director Helen McCarthy says: “Paul Myners faces a number of critical challenges in his new role. He must ensure that personal accounts complement rather than directly compete with the existing pensions market.”