It’s time we remembered that Guy Opperman got the ball rolling, It may have rolled for nine years to yesterday, but we are at August 1st and into a new era for CDC.
It seems to me there are a few important firms looking to develop CDC from the inside. We need good administrators and investment houses and we need Proprietors of workplace pensions established under UMES CDC to get authorised. Thanks PP.
The authorisation journey starts today. The criteria for getting authorised are listed here by the Pensions Regulator. It’s not a task to be taken lightly. You can read the full “code of practice” here.
There is much to come from employers. There will be requirements to have their own “sections” of multi-employer schemes. They and their unions will want a say in governance, maybe a place on trustee boards. This is likely look a lot like DB schemes used to be before they lost their way; it should take from DC schemes the capacity to interact with employers large and small under a single umbrella of a scheme.
Ironically, I was dancing in a field opposite the Pensions Regulator in Brighton when this Code was published, along with quite a few pension regulators – I found out!
This need not all be hard work, we are in the business of making people’s retirements enjoyable and Nick Cave set us an example – he being a 68 year old pensioner!
