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 …
Read More »TPR lays CDC code of practice before parliament
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 …
Read More »TPR to finalise CDC code by 1 August; work to tackle pension scams continues
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 …
Read More »CDC schemes set to report on their ‘ongoing viability’
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. …
Read More »DWP to consult on new types of CDC schemes late this year
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 …
Read More »Age-related contributions a potential ‘game changer’ for CDC
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 …
Read More »Royal Mail pushes ahead with CDC plans following member consultation
Royal Mail Group (RMG), the Communication Workers Union (CWU) and Unite the Union have confirmed plans for a new collective pension scheme following a successful consultation process, with the scheme to be launched by the end of 2022 or early 2023. The positive outcome to the consultation, which was launched …
Read More »Breaking: CDC legislation to come into force from 1 August 2022
The government has confirmed that draft legislation for single or connected employer Collective Money Purchase (CMP) schemes will come into force from 1 August 2022, subject to parliamentary approval. In the government response to its recent consultation on the draft regulations, the Department for Work and Pensions (DWP) highlighted the …
Read More »Employer support for CDC on the rise
Interest in collective defined contribution (CDC) pension schemes is growing, with 58 per cent of employers supporting a CDC option being available, a 6 percentage point increase on 2020, according to research from the Association of Consulting Actuaries (ACA). The ACA’s 2021 Pension trends survey also found that 54 per …
Read More »Guest comment: The road to CDC – Pensions Age Magazine
In future Royal Mail will be seen as the harbinger, not some isolated outlier on the pensions landscape. Those who bewail the potential for … Source link
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