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Monday 19th November 2007
The Pensions Regulator is set to monitor a new system of pension saving from 2012, the minister for pensions reform, Mike O'Brien, has announced.
Under the new scheme, people earning more than £5,000 a year would be automatically enrolled into a qualifying work-based pension scheme or personal accounts, subject to parliamentary approval of the reforms that come as part of the forthcoming Pensions Bill.
As the regulator for all work-based pension schemes, the Pensions Regulator will monitor personal accounts as a whole, and also ensure that employers meet their responsibility to automatically enrol staff in a good workplace pension scheme.
Mr O'Brien said: "I believe the Pensions Regulator is well-placed to perform this important new role. It currently does an excellent job protecting pension scheme members while also demonstrating sensitivity towards the needs of businesses.
"I am confident the Pensions Regulator can continue to perform this excellent service and handle the new personal accounts scheme with no detrimental effect to its existing role."
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