IPP MEMBER RESONSE TO SUBMITTING PERSONAL ACCOUNTS CONTRIBUTIONS VIA BACS FACILITY VS PENSION AMINISTRATOR
23 July 2009
Summary
The IPP Policy team asked members whether they would have more or less confidence, using the BACs facility to submit pension contributions if using the Personal Accounts scheme. The survey attracted 106 responses in total. The Results have shown that nearly 37% would have more confidence if they used the BACs facility, with 31% having no opinion. 28% stated they would prefer to Submit directly to the pension administrator, with less than 4% stating they would have less confidence if using the BACs facility. Of the three comments received, two members stated that they already use BACs in respect of pensions. Based on the results with nearly 37% agreeing, that by using BACs it would provide confidence, and 31% saying they had no opinion, the IPP would not oppose any move by the Personal Accounts scheme administrator, should they wish to use a BACs provider as the intermediary to the pension administrator. The Policy team will submit this information to the Personal Accounts Delivery Authority for their information, and future consultation programme.
On behalf of the Policy team, thank you for completing this survey.
Thank you
Karen Thomson MIPPdip
Associate Director of Policy, Research, and Strategic Visibility