PADA’s market engagement team will run the programme which will set out how personal accounts will sit alongside existing provision and emphasise that the scheme will help employers comply with the government’s new auto-enrolment duties.
Another aim will be to highlight the scheme’s probable features and clarify how businesses might use it.
The four-strong team has been recruited from the financial services industry and will meet pension advisers, trade bodies, consultants and independent financial advisers to dispense misunderstandings.
“We want to talk to the experts in the industry and understand the needs of businesses of different sizes so that we can determine how the scheme can be best adopted,” said Paul Gilbody, PADA’s head of product and market engagement.
The move follows industry rumblings that the scheme could be pared down in the event of a Conservative victory in the general election which is likely to be held in the spring of next year.
However, Ian Richards, head of defined contribution (DC) strategy at Legal & General Investment Management, said personal accounts had already made an important contribution to the industry regardless of whether they are eventually introduced.
“The research which has been done offers extremely valuable insight for all DC investors. So while the solution for schemes with a different type of membership might be different, the research that has been done so far to work out that solution is of benefit to all.
“It has already started to have a beneficial impact on the DC market, and I believe it will continue to do so right up to their launch in 2012.”
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