Publication
Essential Corporate News – Week ending 10 January 2025
On 20 December 2024, the Financial Conduct Authority published PS24/17, Enhancing the National Storage Mechanism (NSM).
CDC option opens up
United Kingdom | Publication | January 2022
The DWP has finalised an authorisation and supervision regime for collective defined contribution (CDC) pension schemes. Once the new regulations come into force (on August 1, 2022, if approved by parliament) this “third way” will become an option employers could consider in place of traditional defined benefit or defined contribution schemes.
The aim of CDC schemes is to provide employees with better value from their contributions than they could hope to achieve from a DC scheme where investment and longevity risks are borne by the individual members. At the same time, because the level of pension is not guaranteed, employers have predictable pension costs.
The new rules will only permit single or connected employer CDC schemes. The Government hopes to extend them so as to allow unconnected multi-employer CDC schemes to be launched in due course.
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