UK appoints acting chair for pension agency

Drake takes over from Paul Myners, who was appointed Minister for the City in last week's Cabinet reshuffle.

The Personal Accounts Delivery Authority was set up to prepare the Personal Accounts scheme, which will include workers over 22 with no pension plan. A person familiar with the appointment said Drake's tenure is expected to last about three months.

Drake was deputy general secretary of the Communications Workers Union until June and served as a member of the Pensions Commission, headed by Adair Turner, which devised the scheme as a way to boost pension savings.

The new scheme will be operational from 2012 and will be financed by employers and employees. Employees will be automatically enrolled but will be able to opt out.

Adair Turner estimated the scheme could reach assets of 150 billion pounds by 2050.