Committees

Collective defined contribution pension schemes inquiry

Inquiry

The Committee invites evidence from any interested parties on any or all of the following questions:

Benefits to savers and the wider economy:

  • Would CDC deliver tangible benefits to savers compared with other models?
  • How would a continental-style collective approach work alongside individual freedom and choice?
  • Does this risk creating extra complexity and confusion? Would savers understand and trust the income ‘ambition’ offered by CDC?

Converting DB schemes to CDC:

  • Could seriously underfunded DB pension schemes be resolved by changing their pension contract to CDC, along Dutch lines?
  • How would this be regulated and how would the loss of DB pension promises to scheme members be addressed?

Regulation, governance and industry issues:

  • How would CDCs be regulated?
  • Is there appetite among employers and the UK pension industry to deliver CDC?
  • Would CDC funds have a clearer view towards investing for the long term?

Chair's comments

Rt Hon Frank Field MP, Chair of the Committee, said:

"What the Select Committee is aiming for is to retain some of the best features of company schemes in a different age when employers are no longer willing or able to sustain the burden of final salary promises to employees, who could club together and pool the risk themselves".

Reports, special reports and government responses

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16th Report - Collective defined contribution pensions
Inquiry Collective defined contribution pension schemes inquiry
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Report

Oral evidence transcripts

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14 March 2018
Inquiry Collective defined contribution pension schemes inquiry
Witnesses Philip Bennett, former Partner, Slaughter and May, Dr Alwin Oerlemans, Head of Pension Strategy, APG, Janice Turner, Co-chair, Association of Member Nominated Trustees, Kevin Wesbroom, Senior Partner, AonGuy Opperman MP, Minister for Pensions and Financial Inclusion, DWP, Ronan O’Connor, Deputy Director, Private Pensions Policy, DWP
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Oral Evidence
21 February 2018
Inquiry Collective defined contribution pension schemes inquiry
Witnesses Nathan Long, Senior Pensions Analyst, Hargreaves Lansdown, Sandeep Maudgil, Partner, Slaughter and May, David Pitt-Watson, Executive Fellow, London Business School, Hilary Salt, Senior Actuary, First ActuarialJon Millidge, Group HR Director, Royal Mail PLC, Ray Ellis, National Officer, Communication Workers Union
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Oral Evidence

Written evidence

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Kevin Wesbroom (CDC0045)
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Michael Johnson (CDC0044)
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Philip Bennett (CDC0043)
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Other publications

Correspondence
Committees exchange letters with government departments and others, often to request information or follow up on recommendations.
6 published

Contact us

We can’t usually help you with an individual problem or a specific complaint.

  • Email: workpencom@parliament.uk
  • Phone: 020 7219 8976 (general enquiries) | 020 7219 1679 (media enquiries)
  • Address: Work and Pensions Committee | House of Commons | London | SW1A 0AA