Changes
93.The Act establishes a body corporate called the Personal Accounts Delivery Authority (referred to as the ‘Authority’) to undertake the preliminary work necessary for the establishment of a personal accounts scheme.
94.The Authority is being established with a remit limited to:
Providing advice and recommendations to Government, helping it to think through the operational and commercial implications of its policy options.
Preparing for the implementation of a personal accounts scheme, such as formulating a commercial strategy for the personal accounts scheme by preparing specific products which comprise a financial, technical and commercial strategy.
95.The Authority will be at a distance from Government and will be able to manage its own affairs. Schedule 6 gives details on the membership and structure of the Authority.
96.The Act also gives the Secretary the State the power to wind up the Authority if he considers that, owing to the abandonment or modification of relevant proposals on the personal accounts scheme, it is no longer necessary to have an Authority.
97.The Act gives the Authority limited powers, as detailed in paragraph 94. The Government will consider options to extend this remit in legislation planned for a later date, subject to the agreement of Parliament.
