This is not the easiest consultation to find on the web

Here’s a summary from Marsh (Mercer) who are clearly throwing their weight behind RCPS (formerly R-CDC). It will be interesting what it means for the Mercer and NOW master trust.

It’s touch to remember what Retirement CDC is called now but in case you have already forgotten its new name,  it’s Retirement Collective Pension Schemes (RCPS) we’re consulting about.

This is what the Pensions Minister says it’s going to do

People will be free to choose how to use their pension savings. But no-longer will they be left to navigate complex financial decisions alone – the ideal start to retirement doesn’t involve having to retrain as an actuary, investment manager and fortune teller

— Torsten Bell (@torstenbell.bsky.social) November 2, 2026 at 11:29 PM

For the most part , you are being led away from RCPS to Guided Retirement which is nothing but a bookshelf with the books being the way to have the money you’ve saved into a pot – returned to you – as a lifetime income (with some options offering you the chance to get your pot paid back to you as you choose (or not at all if you want to pass it on)

Of course you aren’t that interested in the bookshelf, you want to know about the book and it’s here and introduced by our fluent Pensions Minister

By pooling longevity risk, RCPS can provide an income that is designed to last for life. They are intended to target inflation-adjusted increases, helping members maintain their purchasing power over time.

They do not rely on individuals making ongoing investment decisions throughout retirement. And because assets remain invested within a collective fund, members can continue to benefit from long-term investment returns. RCPS therefore have the potential to combine many of the features that pension savers value: a regular income, protection against longevity risk, the prospect of maintaining living standards over time and freedom from the burden of managing investments throughout retirement.

The Government consulted on the policy framework for RCPS last year. We received feedback from stakeholders across the pensions industry, which has played an important role in refining our policy approach and has informed both the Government Response and the draft regulations published today.

This consultation marks the next stage of that process. The draft regulations establish the framework under which RCPS can be authorised, supervised and operated. They are intended to support innovation and market development while ensuring that appropriate protections are in place for members.

We are publishing this consultation alongside the consultation on Guided Retirement. That is deliberate. We encourage respondents to consider both consultations together and reflect on how each regime can support the other.

I suspect that for commercial providers of Guided Retirement proprietors , the question of charge caps will be interesting. It applies to RCPS (catchy?) , how will the charging structure compare with other offerings within the Guided Retirement?