Welcome
Dear candidates
The introduction of automatic enrolment with a mandatory employer contribution and tax relief from the State, underpinned by the creation of personal accounts, will be the biggest reform of pension provision we have seen for many generations.
Currently, only around a third of private sector workers are saving in a private pension, compared to around 85 per cent in the public sector, so we need to extend this key saving opportunity.
These reforms should see between six and nine million people saving more, many for the first time, with between four and seven million of these workers saving in personal accounts. So the scale of personal accounts and the range and diversity of its members and its participating employers will be unprecedented anywhere in the world.
The chair, deputy chair and members of the new trustee corporation that runs personal accounts will play pivotal roles in the building of the new pension landscape, and promises to be exciting and challenging in equal measure. The primary function will be to ensure the scheme is run and managed efficiently, effectively and in the best interests of its members. The scheme will ensure millions of our citizens on low and moderate incomes are able to make provision for their retirement by ensuring they have access to a high quality, low cost, simple pension savings product.
So thank you for considering applying. I wish you every success if you do.
ANGELA EAGLE MP
MINISTER OF STATE FOR PENSIONS & THE AGEING SOCIETY
