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Squire Patton Boggs has advised RMCPP Trustees Limited on its role as Trustee of the Royal Mail Collective Pension Plan, the UK’s first – and so far only – collective defined contribution (or CDC) plan, which launched this week.
The team was led by Pensions Partners Wendy Hunter and Kirsty McLean, supported by Simon James, Felix Weston, Kate Bailey and a cross-practice team from all of the firm’s UK offices.
The new Collective Plan is the culmination of many years’ collaboration between the Royal Mail, the Communication Workers Union and United Communications Managers Association, and RMCPP Trustees Limited. Its creation required new legislation and the Trustee to obtain authorisation from the Pensions Regulator under a new, rigorous process.
Wendy Hunter commented: “We are proud to have worked with the Trustee on this innovative and ground-breaking pension plan, and we wish the Trustee and the Collective Plan’s membership all the very best for its future success.
“Navigating the new legislation to set up this new type of plan and obtain TPR authorisation has been an exciting and challenging journey. Working closely with the Trustee, fellow advisers and colleagues from across the firm to advise on all aspects of the Collective Plan has been a real team effort, and we are thrilled that from this week over 100,000 members will benefit from being part of one of the biggest single-employer, private sector schemes in the UK, with a benefit design that allows for collective risk sharing and is intended to be sustainable over the long term.”
Squire Patton Boggs has one of the UK’s largest pensions teams comprising over 40 specialists with more than 600 years’ combined pensions law experience. The firm advises more than 500 clients with over £400 billion of pensions assets.
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