Squire Patton Boggs is advising TPT Retirement Solutions on the establishment of what is expected to be the UK's first commercially available multi-employer Collective Defined Contribution (CDC) pension scheme. This follows the launch of the landmark Royal Mail scheme last year, the UK's first single employer CDC scheme, the trustee of which was advised by Squire Patton Boggs.
Pensions Partners Kate Bailey and Wendy Hunter are leading the team advising TPT on the design and establishment of its new CDC scheme, with plans to complete authorisation by the end of 2026.
TPT will be launching a new multi-employer whole-of-life CDC pension scheme in the UK, as well as making available bespoke CDC arrangements for larger businesses seeking tailored solutions.
Kate Bailey commented: “We are excited to be working with TPT on this prestigious project to develop a cutting-edge pension arrangement that will offer greater cost certainty for employers and an income for life to their members.
“Having advised the trustee of the UK's first CDC plan from its creation, we are looking forward to bringing our experience to bear on the next generation of pension schemes, working alongside TPT and others at the forefront of the industry.”
Squire Patton Boggs has one of the UK’s largest pensions teams comprising over 40 specialists with more than 600 years’ combined pensions law experience. The firm advises more than 500 clients with over £400 billion of pensions assets.
TPT Retirement Solutions Head of CDC, Paul Eagles, said: “We're very pleased to be working with Squire Patton Boggs on this industry-first multi-employer CDC pension scheme. Having advised the trustee for Royal Mail's single employer CDC scheme last year, Squire Patton Boggs' expertise in CDC is a natural fit for the project we've just embarked on.
“Working with our Partners, we intend to drive pension innovation in the UK by making CDC accessible to employers of every size. This progress represents a major step for the sector. For employers, CDC could become a compelling way to engage, attract, and retain workers. For employees, CDC is expected to lead to better outcomes in retirement – allowing members to access regular pension income without having to make complex financial decisions.”