The authorisation of the UK’s first collective defined contribution (CDC) has been highlighted as a “landmark moment” for UK pensions, with industry experts suggesting that this could be “just the beginning”. The Pensions Regulator (TPR) confirmed yesterday (13 April) that the Royal Mail Collective Pension Plan (RMCPP) successfully passed TPR’s …
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The authorisation of the Royal Mail Collective Pension Plan (RMCPP) is the first in the UK, following TPR’s Pension Schemes Act 2021, which introduced an authorisation and supervision regime for CDC schemes. CDC schemes must meet stringent criteria including fitness and propriety requirements for those running the scheme, having the …
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The Pensions Regulator (TPR) has assessed and authorised the UK’s first collective defined contribution (CDC) pension scheme, the Royal Mail Collective Pension Plan (RMCPP). TPR highlighted the “milestone” as demonstration of how the regulator is pursuing its strategy to embrace innovation to help meet pension savers’ needs. Commenting on the …
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The schemes allow savers to pool money into a single fund which pays an annual income. The first company expected to open a CDC scheme is Royal Mail, … Source link
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The Royal Mail Statutory Pension Scheme (RMSPS) deficit increased to £50,876m as at 31 March 2022, up from £48,614 to in March 2021, according to the scheme’s latest Annual Report and Accounts. The RMSPS also recorded a net actuarial loss of £3.1bn over the past year, driven by the higher …
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The Pensions Regulator (TPR) has laid its new code of practice for the authorisation and supervision of collective defined contribution (CDC) schemes before parliament. This should allow the code to complete its legislative passage through parliament in time for trustees to apply for authorisation to operate a CDC scheme from …
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The Pensions Regulator (TPR) has confirmed that it is on track to finalise the collective defined contribution (CDC) code of practice by 1 August 2022, while further work on the issue of pension scams will be published “in due course”. Speaking at the Pensions Age Northern Conference 2022, TPR lead …
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The government’s response to the fourth recommendation of the Work and Pension Committees’ (WPC) 24 design reforms laid down in January – published yesterday (27 April) – addressed the question of whether it would publish a framework for assessing the success of the Royal Mail CDC scheme and other early schemes. …
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Speaking yesterday (28 March) at a Royal Society of Arts (RSA) CDC forum, pensions and financial inclusion minister Guy Opperman said he was keen to “capitalise on the enthusiasm” around CDC. Regulations which came into play under the Pension Schemes Act 2021 provide for single and connected employer schemes, which …
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Allowing the use of age-related contributions in collective defined contribution (CDC) schemes could be a “game changer” in making CDC more appealing to a wider range of schemes and ensuring fairness for younger savers, according to LCP. Pensions Minister, Guy Opperman, yesterday (28 March) signaled his intent to hold a …
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