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Deloitte gets task to draw up ABI response to Adair’s NPSS

The ABI has hired Deloitte to construct the industry’s response to the Government’s National Pensions Savings Scheme challenge, the same accountants the Department for Work and Pensions used to cost the scheme.

ABI spokeswoman Lucy Butler says the firm has been hired to validate proposals formulated by its members as they look to put forward an industry alternative to Turner’s NPSS with charges comparable to his 0.3 per cent demands.

But advisers and industry commentators have questioned the wisdom of using Deloitte to formulate an argument targeted at a Government department that has used the same firm for its calculations on the issue.

Informed Choice managing director Nick Bamford says he hopes industry and Government using the same auditors will not result in a lack of numerical scrutiny.

Deloitte partner Andrew Parker says the ABI work will be carried out by a different team.

Minister for pensions reform Stephen Timms set a February deadline for the industry to prove it could radically extend coverage and cut costs in a similar way to Turner.

Butler says: “Deloitte has been employed by the ABI to contribute to our response to Timms’ challenge. We are leading the work but Deloitte will be validating our proposals.”

Bamford says: “It seems a rather odd decision on the part of the ABI to use the same firm as the DWP to audit your calculations, with the possibility of a lack of scrutiny on an issue that is so important to the industry.”

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