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ARTICLE · 18 MAY 2023

Regulator Authorises UK's First CDC Pension Scheme

Norton Rose Fulbright
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The Pension Schemes Act 2021 introduced an authorisation and supervision regime for CDC schemes and this came into force in August 2022.

United KingdomFinance and Banking
Lesley Browning
Lesley Browning
Shane O'Reilly
Shane O'Reilly

On April 13, 2023, the Regulator published a press release announcing its authorisation of the Royal Mail Collective Pension Plan as the UK's first collective defined contribution (CDC) scheme and has published a list of authorised CDC schemes on its website.

The Pension Schemes Act 2021 introduced an authorisation and supervision regime for CDC schemes and this came into force in August 2022. They must meet stringent criteria including fitness and propriety requirements for those that run the scheme, put in place the right systems and processes, show the scheme is financially sustainable and have robust member communications. The Regulator has supervisory powers and may intervene when necessary.

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