Following on from the publication of the White Paper Protecting Defined Benefit Pension Schemes in March 2018, in recognition that there is a growing interest in collective defined contribution pension schemes, the Secretary of State for Work and Pensions has published a consultation paper Delivering Collective Defined Contribution Pension Schemes.
The paper sets out proposals for collective defined contribution pension schemes to allow contributions to be pooled and invested to give members a target benefit level.
This consultation is aimed primarily at:
- pension scheme trustees and managers,
- employers who sponsor an occupational pension scheme,
- those who wish to establish a collective defined contribution pension scheme,
- pension professionals.
In general, Northern Ireland’s pensions policy and legislation operate in line with Great Britain, and there is, in effect, a single pensions system across the UK. It is anticipated therefore that any changes will be introduced here, subject to the necessary Ministerial, Executive and Assembly approvals.
Note: The author for this consultation is the Department for Work and Pensions. As such, all consultation information and related documents can be found on the GOV.uk website.