Pensions Commission
Encyclopedia
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 pension
s and long-term savings.
The commission was announced in the Pensions Green Paper published in December 2002. It consisted of three Commissioner
s and a small secretariat. The chair was Adair Turner
. The Commission has now reported and been wound up.
The Commission's reports are often collectively referred to as the Turner Report.
Non-departmental public body
In the United Kingdom, a non-departmental public body —often referred to as a quango—is a classification applied by the Cabinet Office, Treasury, Scottish Government and Northern Ireland Executive to certain types of public bodies...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, reporting to the Secretary of State for Work and Pensions
Secretary of State for Work and Pensions
The Secretary of State for Work and Pensions is a post in the British Cabinet, responsible for the Department for Work and Pensions. It was created on 8 June 2001 by the merger of the Employment part of the Department for Education and Employment and the Department of Social Security.The Ministry...
, set up to keep under review the regime for UK private pension
Pension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
s and long-term savings.
The commission was announced in the Pensions Green Paper published in December 2002. It consisted of three Commissioner
Commissioner
Commissioner is in principle the title given to a member of a commission or to an individual who has been given a commission ....
s and a small secretariat. The chair was Adair Turner
Adair Turner, Baron Turner of Ecchinswell
Jonathan Adair Turner, Baron Turner of Ecchinswell is a British businessman, academic and chairman of both the Financial Services Authority and the Committee on Climate Change. He was formerly chairman of the Pensions Commission...
. The Commission has now reported and been wound up.
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 voluntary 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.