Personal Accounts Delivery Authority

Securing a retirement income

Consultation paper

A key challenge for the design of NEST (National Employment Savings Trust) is how members secure a retirement income. In December 2008, we published a consultation paper Building personal accounts: securing a retirement income (PDF, 650kb), which proposed key propositions on five broad areas and sought views from stakeholders.

Research

To support the consultation process, PADA commissioned research to explore people's understanding of pensions, retirement and annuities. The report, Awareness, knowledge and attitudes regarding the retirement process for PADA's target audience (PDF, 321kb), details the findings of this research. The research revealed that there was very little understanding of pensions and annuities, even amongst people who had recently bought an annuity.

Consultation events

As part of the consultation process, PADA held a consultation event on 22 January in London and another on 25 February in Edinburgh.

Responses

On 27 May 2009, PADA published Building personal accounts: securing a retirement income a summary of responses following public consultation. The responses we received and our summary of responses can be viewed by following the below link.

Consultation responses