Personal Account - An introduction to new government pension reform

   What's In A Name?

The Personal Accounts Delivery Authority [PADA] have recently announced that the name  'Personal Account' is set to change, before the launch of the new pension scheme in 2012. 

Personal Accounts Ltd have been deliberating as to what alternative might be used and believe the name could be..

Our reasoning is this...

• Personal Accounts were previously labelled National Pensions Saving Scheme. The Personal Accounts name was used and the Personal Accounts Delivery Authority was formed.
  

• There is confusion over the name Personal Account and if the name is changed it is likely to be more meaningful with the words Pension or Retirement in the title.
  
  

• Personal Accounts Ltd believe it is unlikely that another non meaningful name will be used as this would just increase confusion.
  

• With the Pension label so unpopular with the UK population it is more likely that retirement will be used.
  

• Its unlikely that the term National will be used as this would cause confusion (already National savings/ national insurance exist). 
  

• Workers will probably want to know it is personal to them and not owned by the company they work for.
  

• A name that matches the product beginning with the word retirement savings could well be used. 
  

• The last word could be account or fund. Our guess is account.
  

• This would match the name Australia and Ireland have used for a similar scheme. We believe that PADA  have been looking at the Australian scheme and how it works.

The above is, of course, pure speculation by ourselves and is in no way endorsed by PADA.

 So what do YOU think? 

Even if you "don't really care", we would like to hear from you so that your opinion can be counted.

We would welcome your speculation as to what YOU think the new 2012 pension scheme will be called...