26 February 2008
Tim Jones, the chief executive of the Personal Accounts Delivery
Authority (PADA), has welcomed a pledge to review the personal
account contribution cap and transfer of benefits ban after the
Department for Work and Pensions (DWP) agreed to discuss getting
rid of these restrictions in 2017.
Mr Jones said he would welcome the removal of these measures so
long as they complemented what was already in place and did not
compromise the original basis for creating the scheme.
He commented: "Once the personal accounts are up and running, I
can quite easily see the argument for taking away the transfers ban
and if there doesn't appear to be the unintended behaviour of
people placing large sums into the accounts, the removal of the cap
as well."
