The Department for Work and Pensions (DWP) and the Personal Accounts Delivery Authority (PADA) are consulting on a draft scheme order and rules that provide the governing documents for the new Personal Accounts Scheme (the scheme name is still being developed as part of its brand).
The consultation contains draft regulations that will establish the scheme, draft non-statutory scheme rules and draft regulations that will disapply provisions of the Pensions Schemes Act 1993 (the transfer value provisions) in relation to the scheme.
The DWP has said that the consultation document is not intended to provide detailed information about processes the scheme will use but instead describe the key statutory and non-statutory instrument that will set the scope and parameters within which the scheme will operate.
The consultation closes on 20 July 2009.
