27 October 2008
The Personal Accounts Delivery Authority (PADA) has released is
first annual report.
In a press release PADA stated the following:
"The personal accounts delivery authority (PADA) has published
its first annual report, highlighting the key steps taken towards
setting up one of the world's largest occupational pension saving
schemes.
The delivery authority outlined progress to date towards
advising on and, pending legislation currently before parliament,
ultimately setting up the new personal accounts scheme. The scheme
is expected to have between four and seven million members, with up
to £200 billion of assets under management by 2040.
Milestones in the delivery authority's first year of operating
included:
- Supporting the passage of the Pensions Bill currently being
debated in Parliament;
- A major planning exercise to ensure the delivery authority is
well placed to introduce personal accounts in line with the
Government's timetable for the onset of employer duties in
2012;
- Creation of a Board with a good range of relevant experience
and knowledge;
- Acquiring premises;
- Building up a workforce - currently numbering 182 staff
members across three sites; a mix of PADA employees, DWP secondees,
interims and consultants;
- Establishing relationships with key stakeholders;
- Beginning to devise options for and consult on key elements of
scheme design, with a discussion paper and formal consultation
already completed into possible charging structures for the future
scheme; and
- Setting up a strategic research and customer insight
programme."
