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Pada costs hit £37m

The Personal Accounts Delivery Authority has incurred costs of almost £37m since it was established in July 2007.

Figures obtained by Money Marketing under the Freedom of Information Act show that Pada spent an estimated £10.4m from the Department for Work and Pensions’ budget between August 1, 2007 and February 29, 2008.

Since March 2008, Pada has been responsible for its own accounting and has had costs of £26.5m between March, 1, 2008 and the end of January this year, the majority being funded by grant-in-aid.

A DWP spokesman confirmed that the funds would be recouped by charges to members, with no cost to taxpayers.

He says: “Final decisions on how to fund the set-up and operation of personal accounts have not yet been made but the Government has made it clear that any funding strategy will need to support the scheme in becoming self-financing in the long run and delivered at no overall cost to taxpayers.”

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