PADA predicts personal accounts assets will hit £200bn in 2040

The Personal Accounts Delivery Authority first annual report said the body will begin its investment consultation in November and revealed its staff now totals 182 people, made up of a mixture of PADA employees, DWP secondees, interims and consultants.

The report also said procurement for services relating to the scheme administration is due to start early next year, with other services to follow.

Chief executive Tim Jones said the authority had developed rapidly as an organisation.

Jones said: "I believe that we have built a strong base in the past year. The challenge will be to build on this and to take forward the introduction of personal accounts in time for the onset of employer duties in 2012."

The annual report showed the latest population projections suggest the number of people aged 65 and over will almost doubled by 2055.