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TPR consultation response—CDC Code and next steps

Published on: 29 July 2022
Published by: LexisPSL
  • TPR consultation response—CDC Code and next steps
  • What is the background to the consultation?
  • What was the outcome of the consultation?
  • What happens next?
  • What are the implications for employers, trustees and pension schemes?

Article summary

Pensions analysis: Between January 2022 and March 2022, The Pensions Regulator (TPR) consulted on a draft of its new code of practice for the authorisation and supervision of collective defined contribution (CDC) schemes. This followed the Department for Work and Pensions (DWP) completing the process of drawing up CDC regulations in March 2022. TPR has subsequently published a response to this consultation—and an update on the expected next steps for the new CDC regime. The draft Code was laid before Parliament on 9 June 2022 (at the same time the consultation response was published) and is expected to come into force in time for the first CDC schemes to submit their application for authorisation from 1 August 2022. The final Code of Practice is as detailed and prescriptive as the draft consulted on—necessarily so, according to TPR’s response—despite some feedback questioning this. And the developments don’t stop here, even once the new Code is in place with TPR and the DWP working on ways in which the regulatory framework can be expanded so as to permit a much wider variety of CDC scheme types in future. Tyron Potts, head of pensions research at Barnett Waddingham, comments on the consultation response and the implications for employers, trustees and pension schemes. or take a trial to read the full analysis.

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