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How Pada is exploring the challenges lying ahead

Further to the article on personal accounts last week, we would like to point out that enforcement with the compliance regime is a matter for The Pensions Regulator.

We have a credible set of plans that will enable introduction to start in 2012 and that take into account the many challenges that we face.

The Personal Accounts Delivery Authority is exploring many different aspects of how personal accounts might work and the various challenges that their design will need to address.

We want to be open with and accessible to our stakeholders in finding the best way forward and the advisory committees provide the delivery authority with valuable expertise and input.

We discuss a wide range of issues and options in these committees. However, these committees are advisory and they have no decision-taking function.

It is too early to provide definitive answers on some of the fine detail around how personal accounts will work. We will be consulting widely on many issues in the next few months, such as our investment strategy, decumulation and the scheme order and rules.

Our aim is to minimise employer burden and provide a low-cost scheme that will maximise returns for members.

Tim Jones
Chief executive,
Personal Accounts Delivery Authority

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