DWP and Pada publish personal accounts consultation summary

The Department for Work and Pensions (DWP) and the Personal Accounts Delivery Authority (Pada) have published a summary of responses to the joint public consultation on the personal accounts scheme.

The document summarises stakeholders’ views to the consultation questions and provides the government’s and Pada’s response.

Earlier this year, the DWP and Pada undertook a public consultation on the main measures, the scheme order and non-statutory scheme rules. This closed on 20 July.

DWP and Pada received 36 written responses to the consultation from the pensions industry, employers and organisations representing employers’ interests, as well as collecting views from Pada’s advisory committees.

There was broad support for the overall policy approach. No substantial policy changes are recommended as a result of the consultation. However, both DWP and Pada are proposing a range of minor drafting amendments to make the policy intent clearer and to clarify meaning.

Angela Eagle MP, Minister of State for Pensions and the Ageing Society, said: “I am pleased those who responded to the consultation supported the framework for the personal accounts scheme. The introduction of personal accounts is central to pension reform. It will help us achieve our aim of ensuring millions of workers have access to low-cost workplace pension saving, most of whom will be low and moderate earners and many will be saving for the first time.”

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