September 2018
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The seminar brought together policymakers and key stakeholders to consider how measures from the DB white paper can best be implemented to protect the interests of consumers - focusing on key proposals around regulation and the consolidation of schemes. It was also an early opportunity to consider the future for CDC in the UK, with a Work and Pensions Committee report highlighting the potential for CDC to ‘transform the pensions landscape’.
It came as the Pensions Regulator began work with the DWP to develop proposals to expand powers around reporting and anti-avoidance, and delegates considered how sanctions might most be effectively imposed on negligent schemes, as well as how the DB Code of Practice might best be clarified. Attendees also discussed the policy options for how the DB market might be made less volatile and more competitive.
Further sessions examined the possible introduction of the CDC model in the UK - looking at key themes emerging from the ongoing Select Committee inquiry - and the agenda also included a case study from the Royal Mail Group and the Communication Workers Union on their work developing the UK’s first CDC scheme. Delegates discussed the lessons that might be learnt from CDC in other countries; practicalities for establishing the schemes in the UK’s complex pensions market; and how concerns around client ownership, risk management, and compatibility with pension freedoms might be addressed.
