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Personal accounts set to fail

Punter Southall Financial Management claims personal accounts are likely to fail.

The firm interviewed HR directors, finance directors and pension managers from 300 firms across a range of industries. It found 80 per cent intend to keep their existing scheme, with just 2 per cent planning to offer personal accounts. Such a low take-up would cut economies of scale and push fees as high as 1 per cent.

But Personal Accounts Delivery Authority chief executive Tim Jones says: “We do not expect huge numbers of companies with existing provision to use us across their workforce – we are designed to complement existing provision. A major part of our customer base will come from employers without existing provision. We envisage the scheme will deliver a good quality pension with a low annual management charge and help millions save for retirement.”

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