The Pensions Commission was a
non-departmental public body
In the United Kingdom, non-departmental public body (NDPB) is a classification applied by the Cabinet Office, Treasury, the Scottish Government and the Northern Ireland Executive to public sector organisations that have a role in the process o ...
in the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...
, reporting to the
Secretary of State for Work and Pensions
The secretary of state for work and pensions, also referred to as the work and pensions secretary, is a Secretary of State (United Kingdom), secretary of state in the Government of the United Kingdom, with overall responsibility for the busin ...
, set up to keep under review the regime for UK
private pension
A private pension is a plan into which individuals contribute from their earnings, which then will pay them a private pension after retirement. It is an alternative to the state pension. Usually, individuals invest funds into saving schemes or mut ...
s and long-term
savings
Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an I ...
.
The commission was announced in th
Pensions Green Paperpublished in December 2002. It consisted of three
Commissioner
A commissioner (commonly abbreviated as Comm'r) is, in principle, a member of a commission or an individual who has been given a commission (official charge or authority to do something).
In practice, the title of commissioner has evolved to in ...
s and a small secretariat. The chair was
Adair Turner
Jonathan Adair Turner, Baron Turner of Ecchinswell (born 5 October 1955) is a British businessman and academic and was Chairman of the Financial Services Authority until its abolition in March 2013. He is a former Chairman of the Pensions Commiss ...
, the other members were
John Hills and Jeannie Drake. The Commission has now reported and been wound up.
A more recent
Pensions Commission
The Pensions Commission was a non-departmental public body in the United Kingdom, reporting to the Secretary of State for Work and Pensions, set up to keep under review the regime for UK private pensions and long-term savings.
The commission was ...
was set up chaired by John Hutton.
Remit
The Commission was responsible for looking at how the pension system was developing over time and for making recommendations on whether the pension system should move beyond the current voluntarist approach.
Report
The Commission published its First Report on 12 October 2004, setting out a detailed and comprehensive analysis of the UK pensions system. Their Second Report, published on 30 November 2005, presented its conclusions on the likely evolution of the UK pension system if policy remained unchanged, and the Commission's recommendations for a new policy direction. A final statement was published on 4 April 2006, detailing its response to specific issues which had arisen in the debate on pension reform since publication of the Second Report.
The Commission's reports are often collectively referred to as the Turner Report.
The Guardian - Turner report on pensions
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References
External links
Website of the Pensions Commission
Pensions in the United Kingdom
Defunct non-departmental public bodies of the United Kingdom government
2002 establishments in the United Kingdom
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