Top executives from theglobal financial services industry are to be recruited to a new body that will set up a low-cost national pensions savings scheme, according to James Purnell, the pensions minister.

In an interview with the Financial Times, Mr Purnell said the proposed organisation would begin work next spring, several months before legislation establishing the system of personal accounts comes before parliament, giving its executives a chance to shape the scheme they will eventually have to put in place.