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Firms look to plan B for personal accounts

A consortium of leading life offices has been established to draw up a plan B alternative to personal accounts as the Conservatives continue to voice their concerns about the scheme.

The group, set up by IBM, will present proposals to the Tories before the end of the year. It comprises Standard Life, Aviva, Legal & General, Friends Provident and Prudential.

The group will look at whether the industry could provide a low-cost alternative to personal accounts and whether stakeholder could be revital-ised. One proposal is for a software platform offering access to a range of providers.

Shadow pensions minister Nigel Waterson says the Tories will be going into the election with “a plan B in our back pocket” and will review whether or not to proceed with the scheme.

Waterson says the Tories are only committed to Turner’s proposals for a low-cost easy access scheme.

IBM and the providers involved would not comment.

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