HSBC says it does not see the need for personal accounts because corporate pension schemes are working already.
Speaking at the ABI conf-erence, head of pensions and retirement income Ian Martin said the bank writes around 60 corporate sch-emes a week in the small and medium-sized enter-prise market.
He said: “This is not the silver bullet to solve the pension challenge. There are models out there which are working today. Maybe it is not a product problem. I do wonder whether we need personal accounts.”
ABI director general Stephen Haddrill said the Government is failing in its promise that personal accounts will complement rather than compete with existing pension provision.
DWP strategy and pens-ions director general Phil Wynn Owen said: “We expect the next five years will drive innovation in the sector. Life offices, fund managers and other providers will be well positioned to compete for personal accounts business, including on the administration and annuities side.”