Paul Myners, chairman designate of the government body that is to deliver its new national pensions savings scheme, told the FT yesterday it would "be quite a challenge". But, he added: "I relish a challenge."

From 2012 millions will start paying into the new system of personal accounts - into which employees will be automatically enrolled unless their employer offers something better. It is set to be the largest occupational pension scheme in the UK, potentially handling funds worth £150bn by 2050.