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Pada to begin recruiting trustees in Q3
The Personal Accounts Delivery Authority (Pada) will begin recruiting a board of trustees to manage the personal accounts scheme after its implementation in 2012 in the coming months.
According to a Pada spokeswoman, it will begin advertising for trustees in the third quarter this year, with between nine and 13 trustees likely to be appointed.
She explained: "We will begin advertising for trustees in the third quarter of this year and they are in theory looking for between nine and 13 trustees."
"By mid 2010 we expect to have them in place. These are high profile positions and we’re looking for someone with lots of experience."
The appointment of the trustees will be done in collaboration with the Department for Work and Pensions (DWP).
Pada is only a transitory body and will cease to be operational once the personal accounts scheme is up and running. At that point, the scheme will be managed by a trustee corporation which Pada will be responsible for setting up.
A number of additional staff will also be hired to run the trustee corporation but the spokeswoman said numbers had not yet been decided.
Meanwhile, the Pada spokeswoman also confirmed a decision on the charging structure of personal accounts - which will include at what level to set annual management charges - will be reached by the end of 2009.
She said the recent Departure of Work and Pensions secretary James Purnell had meant this would not be announced ahead of schedule as had been previously hoped. (See related article.)
She added: "There will be no delay, it is business as usual."
