Pensions - Articles - Comment on TPRs pension schemes ACT CDC regulations

Aon comment on TPRs pension schemes ACT/CDC regulations. Chintan Gandhi, partner and head of Collective Defined Contribution (CDC) at Aon, said: This has been a long road, so it’s great to see this much-anticipated first set of draft regulations on CDC. For employers who are looking to follow Royal Mail’s lead by establishing their own CDC scheme, this provides first sight of the regulations they will need to operate under.

 “While these employers are still awaiting – hopefully later this year – the Pension Regulator’s guidance and code of practice, including details of their proposed authorisation and supervision regime, this is the first necessary step on the journey to widen out CDC provision for all savers in the UK.

 Chintan Gandhi continued: “We were also pleased to hear the Pensions Minister, Guy Opperman’s recent commitment to engaging, this Autumn or Winter, with employers which are looking to join with others to establish multi-employer and/or industry-wide CDC schemes. We believe that this would be a hugely positive step both in establishing CDC but also for providing good pension benefits for workforces up and down the UK.

 “We therefore urge the government to press ahead with drafting its proposed regulations covering multi-employer CDC schemes, and also those provided through commercial master trusts. That is especially so given that two-thirds of those who responded to the RSA CDC Forum’s recent survey said that these approaches to CDC would actually work better for them. Given satisfactory legislation, 25% of the respondents said they would be likely or very likely to set up a CDC scheme within the next five years.”

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