Pada spends £31m in first full year

The Personal Accounts Delivery Authority spent £30.9m in the 2008/09 fiscal year. Pada\'s first annual report and accounts says key challenges for the coming year include the on-going procurement process to engage a supplier to provide scheme administration services, consulting on investment strategy and, with DWP, consulting on the Scheme Order & Rules. Pada is also considering what might need to be put in place to enable the establishment of - and handover to - the trustee corporation which will run the personal accounts scheme.

Staff salaries accounted for £13m of the costs, with outgoing chairman Paul Myners paid £150,000 over the period. Pada chief executive Tim Jones says: “The financial year marked a period of significant progress for the Personal Accounts Delivery Authority. With the Royal Assent of the Pensions Act 2008, we moved into the delivery phase of the project and began working towards the launch of the personal accounts scheme. “I am pleased to report on our progress this year and achievements so far, while remaining mindful of just how far we have yet to go. Success will mean a better quality of life in retirement for millions of people. The importance of this goal drives everything we do.”