Review of Pensions Institutions (Consultation Paper)

The Minister for Pensions Reform (James Purnell)
On 16 January the Government appointed Paul Thornton to undertake an independent external review of pensions institutions. The purpose of the review—announced in the May 2006 Pensions White Paper—is to look at how the responsibilities of those bodies involved in workplace pensions are arranged to ensure they support existing Government policy, and fit with its reform proposals and wider developments.

I am pleased to advise the House that Paul Thornton today published a consultation paper with an invitation for contributions by 31 March. A copy is in the House Library.

The document sets out the emerging issues and evidence presented so far, with the aim of encouraging further discussion and building consensus on the way forward. I encourage stakeholders to contribute: it is vital that institutional functions are arranged in the most efficient and effective way in order to support work-based saving and to complement our pension reforms. The consultation paper will be available on the Department's pensions reform internet site later today. Paul Thornton will report to Ministers with recommendations by spring 2007.