The Department of Work and Pensions has begun the search for a financial sector professional to launch the UK's national pension scheme, which is set to cater for up to 10 million workers, and has offered almost £1,000 (€1,100) a day for the right candidate.

The DWP is looking to recruit a chair to lead the trustee board that will oversee the appointment of investment managers and administration contracts to the national pension scheme that is set to launch in 2012.