‘Personal Accounts’ tag will not last beyond 2012

The ‘Personal Accounts’ title will definitely be dropped before the introduction of the auto-enrolment scheme in 2012, according to PADA.

Helen Dean, policy and product development director for the Personal Accounts Delivery Authority, also denied there had been delays to the scheme's implementation.

Speaking to delegates at last week's Professional Pensions shows, Dean said: "We are on track to launch the scheme early in 2011 [for certain employers on a voluntary basis]. We are not late and we are not procrastinating."

Dean made it clear the minimum levels of saving under the auto-enrolment regulations should be a jumping-off point for retirement saving.

She said: "The Pension Commission was always very clear in stating the minimum level of saving was just that, a minimum.

" We are raising that level from zero to something that is still quite low but it is a start. The onus is on the Government to think about how that can be brought up. It must harness inertia."

The session on the progress of auto-enrolment also featured presentations from The Pensions Regulator employer compliance regime programme manager Charles Counsell as well as department for work and pensions head of workplace pensions reform David Haigh.

Hewitt Associates principal Tony Baily asked the panel: "Where does coercion stop and flexible benefits start?"

In response, Haigh said: "We have not yet done a good enough job on saying ‘this is where we draw the line'. We have not got all the details worked out in our own minds.
"We will put out clear guidance but we have not managed to do that yet. It will come through loud and clear in the consultation - we have to get that right."

Haigh also admitted the issue of pension saving interaction with means-tested benefits had not yet been solved.

You can view the full interview with Charles Counsell here.