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Pickering warns of ‘delivery disaster’

The Government has begun its search for someone to lead the personal accounts delivery authority.

The successful candidate to become chairman must be an “outstanding strategist, an inspirational leader and communicator with experience as a main board director or chair of a major commercial operation, ideally in the financial services industry”.

The chairman will have to commit just two days a week for the first two years. A non-executive director is also being sought for around 15 days a year.

Applications for both roles have to be received by May 8, with the Government expecting to fill the jobs by the summer.

At a debate on pension personal accounts hosted by Scottish Widows this week, former National Association of Pension Funds head Alan Pickering warned of disastrous consequences if the Government passes responsibility for major decisions about the structure of personal accounts to the delivery authority.

He said: “It is not the delivery authority’s job to make public policy, such as deciding the contribution cap. There is a danger of shovelling liability and all the difficult problems away from the Government to the board. If we do not get this right, then disaster will ensue.”

Pensions minister James Purnell said: “We should not pass Governmental responsibilities on to the delivery authority.”


Tomorrow people

Those crazy guys at Tomorrow (the new, improved name of GE Life) certainly earned their commission judging by the amount of times that they uttered the word Tomorrow at a party to celebrate the new brand last week.

4,000 More City jobs to be created this year

Around 4,200 more City jobs will be created this year, according to research from the Centre for Economic and Business Research. Most of the employment growth has been in the professional services sector, including law and accountancy roles, making up 2,800 new jobs in the Square Mile and Canary Wharf.

MPs bid to launch lifeboat to help pension victims

A cross-party group of MPs has tabled amendments to the Pensions Bill aiming to force the Government to inc-rease payouts to people who lost out when their occupational schemes collapsed.

Pension savings-2015

Pension tax relief: parked (for the moment)

The national news agenda has been dominated by pension issues this month. For those that missed it (and there cannot have been many given that this was the lead story in spoken and written media), the Chancellor announced a decision to make no decision on pension tax relief in his 16 March 2016 Budget speech. To […]


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