And members will have their chance to influence the running of the scheme - through the introduction of a Member's Panel, to which employees across the UK will be enrolled when they become eligible in 2012.
"Personal accounts will be the biggest step forward for workers seeking to build up a pension since National Insurance was introduced in the 1940s," Mr Hutton told the National Association of Pension Funds conference in Manchester.
"But if we are to make them a success for the millions of people who currently aren't saving for a pension, we must put in place measures to ensure they have the interests of future members at their heart.
"Protecting the interests of members underpins our decision to establish the scheme as a trust-based occupational pension. As such they will face the very same level of regulation as all other trust-based occupational schemes."
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