Pada and DWP launch consultation on personal accounts rules

The Personal Accounts Delivery Authority (Pada) and the Department for Work and Pensions (DWP) have launched a consultation on the draft scheme order and rules for personal accounts.

Pension industry professionals, employers, and potential members and organisations that represent their interests have been invited to submit their views on the government’s proposals on the draft legislation that will be used to establish the scheme. The consultation also contains proposals on non-statutory scheme rules and the transfer value regulations.

The consultation will run until 20 July 2009. The draft rules are available on the DWP’s website.

Personal accounts are a key element of the government’s pension reforms, set out in the Pensions Act 2008, and will be implemented from 2012 in conjunction with the auto-enrolment of staff into a pension scheme, as well as compulsory contributions. The reforms are designed to get millions of workers saving for their retirement.