Personal Accounts Delivery Authority

Consultations

Why consult?

PADA is creating a pension scheme that aims to help millions of people save for a better retirement.

In order to help design NEST (National Employment Savings Trust) NEST is the new name for the personal accounts scheme. Personal accounts was a working title set out in the Pensions Act 2008 and was not intended to be the permanent name for the scheme. Throughout this site you will still find reference to personal accounts in documents produced before January 2010. in the best way, PADA regularly seeks the views of interested parties and experts by carrying out consultations.

What we learn from these consultations can be used in a range of ways, including:

• helping PADA make decisions on creating NEST
• enabling us to advise government on the design of NEST
• informing the recommendations we make to the trustee corporation which will ultimately run NEST.

Who is involved in consultations?

PADA opens it consultations to a wide variety of stakeholders, including potential scheme members and members of the public, financial organisations, intermediaries and government bodies, as well as representatives from employer, employee and consumer groups.

How do we consult?

PADA consultations follow a similar process which begins with researching a given area. This research shapes the issues and questions we would like stakeholders to consider as part of the consultation.

We include these questions in a consultation document and ask for responses within a specific timeframe. PADA often holds stakeholder events throughout these consultation periods.

Once the formal consultation period has closed PADA reviews and thoroughly considers all responses before publishing a summary of this feedback and responses as appropriate.

Shaping the scheme

The areas PADA has consulted on to date include the charging structure for NEST, how NEST funds will be invested and how scheme members will secure their retirement income. PADA and the Department for Work and Pensions (DWP) have also issued a joint consultation paper setting out proposals on the legal framework for NEST.