The following Pensions practice note provides comprehensive and up to date legal information covering:
A collective defined contribution (CDC) scheme is a type of defined ambition scheme.
One of the key principles of defined ambition is the idea of ‘risk sharing’ in the sense that neither the employer nor the members bear all or a majority of the risk in the pension scheme. A defined ambition pension scheme has some features that are found in a traditional defined benefit (DB) pension scheme and some features that are found in a traditional defined contribution (DC) pension scheme.
According to the Department of Work and Pensions (DWP), the:
'aim of a [defined ambition] pension would be to create greater certainty for members than is provided by a pure DC pension. It would also seek to ensure less cost volatility for employers than current DB pensions.'
In a traditional DB scheme, the employer tends to bear all of the risk in terms of the fund's investment performance, inflation and member longevity. There has been a marked shift away from
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