Sources close to Corporate Adviser say PADA is impressed with the pool of pensions administration talent in the Scottish capital and believes it would struggle to find enough employees with sufficient experience of running pension schemes on the scale envisaged in any other part of the country.
The new organisation is charged with the challenge of establishing a scheme for up to 7m employees that could in the long run hold assets of up to £100bn on their behalf.
Tim Jones, chief executive of PADA has been meeting life insurers with a view to getting input as to how personal accounts can best be delivered in a cost effective way. With four of the country’s leading group pension providers all based in the city, Edinburgh has an employee base with considerable pension administration expertise.
A spokesperson for PADA says: “As yet no decision has been made on where the body that takes over the administration of personal accounts will be based.”
