Consumers must be at the centre of pensions policy

Ahead of the second reading of the Pensions Bill, Which? says that getting the Delivery Authority for Personal Accounts right is crucial to the success of future pension provision in the UK.

Peter Vicary-Smith, chief executive, Which?, explains: “This is a once in a generation opportunity to re-establish public faith in pension savings. For Personal Accounts to really succeed it is now imperative that the consumer is placed at the very heart of the Delivery Authority.

“December’s Pensions White Paper went some way to doing that, outlining a simple, low cost and secure pension scheme. Which? would like to see amendments to the Pensions Bill that would ensure the place of a vital consumer voice at the high table.

“If the Delivery Authority is to succeed, it must appoint non-executive consumer directors who represent consumer interests and are recognised by consumer groups. It must also appoint a lay chairman who has no conflict of interest with regard to the financial services industry.”