25 July 2007
The Government has announced that Paul Myners will head up the
Personal Accounts Delivery Authority. Mr Myners will take up his
post on 1 August 2007.
Paul Myners has extensive experience in the financial sector
including directorships at N. M. Rothschild & Sons Ltd and
NatWest, and as Chief Executive of Gartmore, as well as a wide
range of interests across other industry sectors. He is Chairman of
the Guardian Media Group and Land Securities Group with previous
non executive positions at Marks and Spencer, O2, Orange, PowerGen
and Aspen Insurance and membership of the Financial Reporting
Council. He is also Chair of the Low Pay Commission.
Mr Myners has conducted independent reviews for Government on
Institutional Investment, Governance of Mutual Insurance Companies,
and Equity Investment in Science Based Enterprises.
The delivery authority will offer independent advice to
Government. With Parliamentary approval, the delivery authority
will also be responsible for getting personal accounts up and
running and ensure employers meet their new obligations.
Personal accounts will be available to employees who currently
do not have access to a good workplace pension from 2012. Personal
accounts will consist of an employee contribution, employer
contribution and tax relief. It will offer low charges to allow
employees to keep more of their savings.
