Making CDC a reality
The Pensions Bill – which is the next step in the legal and regulatory changes needed for Collective Defined Contribution (CDC) pension schemes to be possible under UK law – was tabled for a second reading in the House of Commons on Wednesday 7 October.
The first reading of the Pensions Bill in the House of Commons took place in July 2020, having previously progressed through the House of Lords.
We’re pleased to have reached this next step, following unanticipated delays to the process brought on by the Covid-19 pandemic. We’re hopeful that the Bill will ultimately be passed by the House of Commons within the next few months, as this will be a major milestone towards making CDC a reality for Royal Mail and its people.
Passage through the House of Commons is, however, not the final step in the process. The Pensions Bill will also require Royal Assent before it can become enacted as law. We are still working closely with the CWU and Unite on this and will continue to keep colleagues posted as each stage is reached.