The Confederation of British Industry and the Federation of Small Businesses are to review the IBM working group’s plan B for personal accounts before it is presented to the Conservatives.
Earlier this month, Money Marketing revealed IBM and leading life offices have set up a working group to come up with an alternative to pers- onal accounts, partly in response to the Tories voicing increasing doubts over the potential success of the scheme.
Sources close to the working group say the CBI and the FSB have agreed to “quality assure” the plans and say whether they approve of any alternative that the group comes up with.
Money Marketing understands that IBM met with Tory Shadow pensions minister Nigel Waterson on October 13 to tell him about the group and he was receptive to hearing its ideas.
At present, the plan B group is made up of Standard Life, Royal London, Prudential, Legal & General, Aviva, Friends Provident, Axa and Zurich. During a meeting with IBM, the Tories are understood to have specifically asked that the working group “reaches out” to Scottish Widows, which has not yet signed up with the group.
The group will also be briefing the Association of British Insurers on what it will present to the Tories. IBM is aiming to meet with the Conservatives in the first week of December to present the final plans.