05 June 2007 - Minister welcomes publication of institutional review
Minister for Pension Reform James Purnell today welcomed the findings of an independent report examining the organisations involved in the regulation and protection of workplace pensions.
Paul Thornton, a former President of the Institute of Actuaries, was appointed to carry out the review in January 2007.
His report makes three key recommendations:
- A package of measures to underpin the close co-operation that already exists between the Pension Protection Fund and The Pensions Regulator.
- Implementing proposals to bolster co-operation and co-ordination between Financial Services Authority and The Pensions Regulator, particularly for defined contribution schemes.
- Combining the Pensions Ombudsman and Financial Ombudsman Service to create a pensions jurisdiction within the Financial Ombudsman Service.
James Purnell said:
“I would like to thank Paul Thornton for all his hard work. He has conducted the review with determination and focus, and has gained plaudits from the institutions themselves and from wider stakeholders for his open and responsive approach.
“We intend to fully implement his proposals and are working with the institutions and stakeholders to develop practical proposals to ensure the framework continues to support current and future pensioners.”
Notes to Editors
- Paul Thornton’s full report and March consultation paper is available at http://www.dwp.gov.uk/pensionsreform/institutional_review.asp
- The institutional review was announced in the White Paper ‘Security in retirement: towards a new pensions system’, published in May 2006. Further detail was outlined in the ‘Summary of responses to the consultation’ in October. Copies are available at http://www.dwp.gov.uk/pensionsreform/
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