Paul Myners is to head up the Personal Accounts Delivery Authority charged with getting the Government’s personal accounts scheme up and running.
Myners previously conducted the Treasury review of institutional investment which led to the controversial Sandler Review of long-term savings. He also ran independent Government reviews of mutual insurance companies and equity investment in science based enterprises.
He has announced he will be donating his salary as chair of PADA to charity.
Previous industry experience includes being chief executive of Gartmore and director of N M Rothschild and NatWest and he is currently chairman of Guardian Media Group, the Low Pay Commission and Land Securities Group.
One of Myners’ first roles will be to appoint a chief executive and individuals to other key roles.
Work and Pensions Secretary Peter Hain says: “The Government is absolutely committed to making personal accounts 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.”
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.”
ABI assistant director Helen McCarthy says: “He 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.
“He must work with the pensions industry to find a solution to the problem of auto-enrolment into GPPs and group stakeholder pensions. And he must be steadfast in ensuring that personal accounts pay for themselves, with no assistance from the taxpayer.”