A ‘Delivery Authority’ is to be put together to sort out how a National Pension Savings Scheme will operate, the government has announced.
James Purnell, minister of state for pensions reform, has confirmed the government will establish an independent body to design the operational structure of the pension scheme that employees will automatically be signed up to.
Once the scheme is established in legislation, Purnell said the authority would then manage the contracting processes.
Purnell said: “By creating a delivery authority we will be able to use the experience and skills of the private sector to deliver the scheme – and give a degree of autonomy in decision making.
“We need to consider what the duties of any delivery authority might include – whether that is advising the government, managing procurement or, over the longer term, ensuring that participation levels remain as high and charges as low as possible.”
A separate white paper will be published on personal accounts in December, he said.