Paul Myners was appointed chairman designate of the Personal Accounts Delivery Authority, which will launch individual retirement savings accounts for U.K. workers in 2012. The three-year appointment is effective Aug. 1, Peter Hain, secretary of state for work and pensions, said in a statement today.
Mr. Myners said his first task will be to appoint a chief executive, noting that the administrative and operational demands of the authority will be significant, he said in an interview.
Mr. Myners, chairman of land securities and director of the Bank of England and former chairman of Gartmore Investment Management, said he will donate his £150,000 ($309,358) annual salary to charity.
