DEPARTMENT FOR WORK
AND PENSIONS News Release (Reference PENS-026) issued by The
Government News Network on 5 June 2007
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:
1. Paul Thornton's full report and March consultation paper
is available at http://www.dwp.gov.uk/pensionsreform/institutional_review.asp
2. 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/
Textphone: 020 32675145
Website: http://www.dwp.gov.uk