The May 2006 Pensions White Paper announced the Government’s intention to undertake a review of the functions of pensions institutions, with further detail in the summary of responses to the consultation, published in October.
I am pleased to advise the House that Paul Thornton has been appointed today to lead the review as an independent external reviewer. It is important to consider the best configuration of organisational responsibilities for workplace pensions, in the light of our pensions policies and reform proposals, and wider developments in the pensions market. Paul Thornton has a wealth of experience in this field. The terms of reference for the review and arrangements for submitting contributions will be available on the Department’s pension reform internet site later today. The aim of the review is to encourage debate and build consensus on the most appropriate way to arrange institutional responsibilities to deliver Government policies. Paul Thornton will report to Ministers with recommendations by spring 2007.