Large firms will follow the postal service's lead on introducing collective defined contribution (CDC) schemes if it works well for management and employees, the pensions minister says.
Guy Opperman's words came as the Department for Work and Pensions (DWP) launched a consultation to "shape future legislation" for CDC schemes today (6 November). It follows Royal Mail's announcement earlier this year, in which it collectively agreed in principle to introduce the UK's first CDC scheme as soon as possible for 141,000 employees - a joint venture with its trade union, the Communication Workers Union (CWU). Speaking to Royal Mail workers at the launch of the consultation at the postal giant's offices on 5 November, Opperman said employers will adopt CDC "without a shadow of a...
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