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Secretary of State James Purnell made the announcement as he addressed the National Association of Pension Funds (NAPF) in Glasgow today (9 October), confirming that Drake would hold the position until a replacement chair was appointed.

Former chair Myners resigned from the post after he was appointed minister for London's financial district.

Purnell said: "I am delighted to announce that Jeannie Drake has agreed to be acting chair ensuring that the important work of the Personal Accounts Delivery Authority can continue.

"She brings a wealth of experience to the role both in public and private pensions, and will continue the great work that Paul Myners started, in helping us to deliver personal accounts, and give millions of people the opportunity to save for their retirement.

"It was important that we were able to appoint an acting chair quickly so as not to lose any of the momentum we have built up over the last year, and I know Jeannie will carry that on over the coming months."

Drake said: "The challenge facing the authority as it moves towards delivery is significant, but millions of people stand to benefit from the successful introduction of personal accounts."

Drake has been a non-executive director of the authority since September 2007.