CBI Pension Scheme Trustees Explore Options as Business Lobby Group Faces Uncertain Future

The trustees have held preliminary talks with third parties about potential options ahead of a crunch vote on Tuesday.

City sources suggest a deal with a specialist insurer or a superfund such as Clara Pensions is a potential outcome under consideration.

The CBI has an accounting surplus of £5m at the end of 2021, but it is unclear how many members it has or the scheme's current funding position.

The scheme's trustees are chaired by Jon Bridger, a respected independent pension fund guardian.

The board of the CBI has drafted in lawyers to prepare for a prospective insolvency filing ahead of the crunch vote.

An adverse outcome from the vote would leave directors with little choice but to begin a process to wind it up.

The CBI's survival has been cast into doubt by its handling of a sexual misconduct scandal which put an end to the career of Tony Danker, its director-general, and has left it facing a potentially lengthy police investigation.

A group of about a dozen companies, including Siemens and Microsoft, have made a last-ditch effort to corral support for the organisation.

However, some members have expressed dissatisfaction with the CBI's prospectus, saying it lacked a credible financial or strategic plan for the group's future.

Tuesday's vote will determine the immediate future of the CBI, which was incorporated by royal charter in 1965.