UK. Opperman calls for industry input on CDC expansion
Pensions minister Guy Opperman has called on the industry to work with government on expanding the nascent collective defined contribution market, though experts have previously warned that draft regulations are too strict to allow for real growth in the sector.
Speaking at a Royal Society of Arts CDC forum on March 28, Opperman expanded on the draft regulations due to come into force on August 1, and expressed his support for the expansion of CDC beyond the single-employer arrangements currently allowed for.
“CDC schemes have the potential to transform the UK pensions landscape and deliver better retirement outcomes for millions of pension savers,” he told the forum.
“I firmly believe that we should capitalise on the enthusiasm that is building for extending CDC to other types of pension scheme, such as multi-employer schemes and master trusts.
“I am keen to move quickly, but we must get this right if it is to work. That is why I am calling on all those who are seeking to deliver the full benefits of CDC to work with us to help make this a reality.”
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