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Private sector to deliver national pensions scheme

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High street banks,, life insurance companies and City fund managers are will be given responsibility for setting up and eventually running the Government’s proposed low-cost national pensions savings scheme.

Pensions minister James Purnell said top executives from the financial services industry will be recruited to a proposed “delivery authority”.

Its job will be to establish the system of so-called personal accounts, in which up to 10m employees will be automatically enrolled, with their employers compelled to contribute.

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