UK appoints acting chair for pension agency

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http://www.reuters.com/article/rbssFina ... 6820081009

By Cecilia Valente

LONDON, Oct 9 (Reuters) - The British government appointed ex trade unionist Jeannie Drake on Thursday as acting chair of the agency in charge of launching the UK-wide pension fund covering workers with no other retirement saving option.

Drake takes over from Paul Myners, who was appointed Minister for the City in last week's Cabinet reshuffle.

The Personal Accounts Delivery Authority was set up to prepare the Personal Accounts scheme, which will include workers over 22 with no pension plan. A person familiar with the appointment said Drake's tenure is expected to last about three months.

Drake was deputy general secretary of the Communications Workers Union until June and served as a member of the Pensions Commission, headed by Adair Turner, which devised the scheme as a way to boost pension savings.

The new scheme will be operational from 2012 and will be financed by employers and employees. Employees will be automatically enrolled but will be able to opt out.

Adair Turner estimated the scheme could reach assets of 150 billion pounds by 2050.

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http://www.professionalpensions.com/819375

NAPF CONFERENCE 2008 - Drake named as acting PADA chairman

Kelly Gregor

Jeannie Drake has been named as the acting chairman of the Personal Accounts Delivery Authority.

Work and pensions secretary James Purnell made the announcement at the National Association of Pension Funds annual conference this morning.

She is a non-executive director of PADA and takes over the chairmanship from Paul Myners who stepped down to become city minister last week.

Drake was previously the deputy general secretary of the Communications Workers Union. Prior to this, she was deputy general secretary of the National Communication Union.

She also a director of the Pension Protection Fund.

Purnell said: "I am delighted to announce that Jeannie Drake has agreed to be Acting Chair ensuring that the important work of the Personal Accounts Delivery Authority can continue.

"She brings a wealth of experience to the role both in public and private pensions, and will continue the great work that Paul Myners started, in helping us to deliver personal accounts, and give millions of people the opportunity to save for their retirement.

"It was important that we were able to appoint an acting chair quickly so as not to lose any of the momentum we have built up over the last year, and I know Jeannie will carry that on over the coming months."

Drake said: "I am very pleased to be appointed acting chairman. The challenge facing the authority as it moves towards delivery is significant, but millions of people stand to benefit from the successful introduction of personal accounts. I look forward to continuing to work with the board, and everyone at the delivery authority, to help drive this important agenda forward."

PADA chief executive Tim Jones added: "I am delighted that Jeannie Drake has agreed to be the delivery authorities acting chair. She brings a wealth of understanding and continuity to the post."