PADA

Created by the Pensions Act 2007 and chaired by Paul Myners, an independent body with the aim of developing, delivering and managing the personal accounts scheme. It will provide advice and make recommendations to the government; and advise on the design of the commercial strategy. A further Pensions Bill will grant the Authority executive powers. The Authority will be replaced by the Personal Accounts Board once the scheme is under way.

+ Personal Accounts Delivery Authority (PADA)

Created by the Pensions Act 2007, an independent body that was given the aim of developing, delivering and managing the personal accounts scheme due to launch in 2012 (now known as NEST). PADA provides advice and makes recommendations to the government, including on commercial strategy and procurement. The Pensions Act 2008 granted PADA executive powers. PADA will be wound up in July 2010 and replaced by the NEST Corporation.