Delivering Collective Defined Contribution Pension Schemes

Consultation opened on 06 November 2018. Closing date 16 January 2019 at 23:00.

Summary

This consultation sets out the Westminster Government’s proposals for collective defined contribution (CDC) pension schemes.

Documents

Consultation description

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.

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