View more on these topics

Tim Jones named as new chief exec of personal accounts body

The Government has announced the appointment of Tim Jones as chief executive of the Personal Accounts Delivery Authority.

Jones was formerly chief executive of retail banking at NatWest and will take up the post immediately. He is currently co-director of the Centre for the Study of Financial Innovation.

Pensions minister Mike O’Brien says Jones brings with him considerable experience in both retail banking and many other areas of the financial sector.

He says: “Personal accounts will be a first. It will be a high quality, low-charge pension scheme – targeted at low to moderate earners – and will give millions of people access to an employer contribution for the first time.

“But setting up a trust-based occupational pension scheme, with billions of pounds of funds under management, is not a job for Government. That is why we are recruiting leaders with a proven track record in the private sector to make sure we get the design of personal accounts right.”

Jones says his goal is to achieve a system of personal accounts which is simple for both employers and employees.

He says: “We now need to grasp the opportunity to get millions of people saving for the future and to provide a major boost to their incomes in retirement.

“Personal Accounts will go live in 2012 and there is much to be done, building on the excellent work that has characterised the initiative to date, to ensure that the service that emerges is the right one. Having led major new product development and change programmes in the past, I relish the prospect of working with a wide range of stakeholders to bring personal accounts to fruition.”

Recommended

Out of Context

“I am a great believer in selective assassination, preferably with a gun.”Retirement Income Reform Campaign director Dr Oonagh McDonald ponders ways of changing the Government’s dogmatic position on forced annuitisation “Can everybody turn off their mobile phones to avoid waking the person next to them if they’re asleep during the conference?”Clarkson Hill chief executive Ron […]

After eight

Barclays has introduced an income investment paying 8 per cent a year over a five-year period or up to 55 per cent growth. The income investment is ideal for those with equity Isas nearing retirement who do not wish to take much risk.

1

NU goes back to drawing board on protection range

Norwich Union is undergoing a complete redesign of its protection range in a bid to meet consumer needs.The firm is also researching a protection product which, for around a 3 per cent extra premium, is guaranteed to pay out.NU will begin its protection overhaul in October with around 70 interviews with consumers and advisers aimed […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment