Documents


This response sets out SPP's views on TPR's draft code of practice that will amend the existing CDC code which applies to single and connected employer CDC schemes (‘single-employer CDC schemes’).

Whilst expressing support for TPR’s intention to move towards a single code of practice, the SPP provides a number of comments intended to improve the code of practice and support its effective implementation.

The potential of Collective Defined Contribution (CDC) pension schemes is generating widespread interest across the pensions industry.

This SPP paper provides clear, actionable insights on the practicalities of administration, cost management, and governance for CDC schemes, setting out how these can be delivered in a way that makes CDC accessible, resilient, and trustworthy for both employers and savers.

The SPP has worked closely with the PPF and a range of stakeholders to help ensure the Pension Schemes Bill introduced the necessary flexibility for the PPF to reduce its levy to zero, so we are naturally pleased this is happening.

Whilst this consultation response highlights our support for a reduced levy, we have also taken the opportunity to highlight a number of issues to help improve administrative aspects of the regime.

The SPP recognises that a sustainable LGPS is in the best interests of scheme members, employers and local taxpayers and so has provided a range of technical comments that should prove helpful in ensuring that government policy intentions are met and that unintended consequences are minimised.