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Overwhelming response sees consensus emerge for hybrid

FSA Annual Management Conference

The DWP said it has had 325 submissions to its consultation on personal accounts and consensus is edging towards a hybrid model of the two White Paper choices.

Speaking at the FSA’s asset management conference in London last week, DWP director general for strategy and pensions Phil Wynn Owen said the department had been overwhelmed by the number of submissions.

He said the majority of the submissions were a hybrid of the two Government options and the DWP was considering variants of the framework.

Owen said it could look at a choice of branded providers with a Government-led default provider if no choice is made or savers choosing from a range of unbranded funds.

He said debate was still needed about the extent of powers and decision-making responsibilities that should be delegated to a delivery authority and which should be retained by the Government.

Owen said the Government was committed to giving consumers the choice to opt out or contribute more but all other choices remain up for debate.

He said civil servants could not pre-empt the Queen’s Speech but the industry could expect to see details of state reform by the winter followed by further legislation at the start of the 2007/08 session.

Owen said: “The response to our paper has been voluminous. The majority of suggestions are for various kinds of hybrids between the two models.”

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