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.