Last month’s Pensions Bill introduced the primary legislation to establish the Personal Accounts Delivery Authority. However, with the Bill not expected to gain Royal Assent until next summer, PADA will then have less than three and a half years to design personal accounts and build the supporting IT infrastructure.
Tim Jones, chief executive of PADA said last month that he will take stock of progress in early 2012 to assess whether the deadline can be met.
Mike Fosberry, head of financial services at Smith & Williamson says: “My personal view is that it is going to be a total disaster if they go ahead with this timetable. The admin will not be able to cope and it will be worse than stakeholder.”