Collective defined contribution (CDC) schemes could begin operating from next year after the government set an August enforcement date for legislation.
In what it hailed as a "huge step forward", the Department for Work and Pensions (DWP) yesterday (15 December) confirmed it would proceed with regulations for single and connected employer schemes. The regulations set out how schemes will be authorised, assessed and monitored by The Pensions Regulator (TPR), alongside rules for valuations and benefit adjustments, information disclosures, and member protections. The first CDC scheme is expected to be launched by Royal Mail, which has been working on the proposals since a decision to close its defined benefit (DB) provision in 2018. ...
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