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UK publishes plan for introduction of CDC schemes

first_imgWhile the framework was based on the Royal Mail proposal, the DWP said it would “structure our legislation to allow us to move promptly to other forms of CDC benefit provision”, including for multi-employer arrangements and “decumulation-only” models. “Royal Mail and CWU have been campaigning together to bring about this legislation, building a cross-party alliance of supporters in both houses of parliament as well as working with government. We now look ahead to the next stage, and ultimately, delivering the UK’s first CDC pension.”Jon Millidge, chief risk and governance officer, Royal Mail “The pensions industry desperately needs innovation if we are to enable people to retire with dignity and security. The CWU… will be delighted to prove that CDC options will prove to be a watershed moment in pension provision and benefit working people way beyond our own membership.”Terry Pullinger, deputy general secretary for postal, CWUGuy Opperman, minister for pensions and financial inclusion, said of the government’s consultation: “There were encouraging signs of a growing interest in CDC [arrangements] among employers and commercial providers outside of the Royal Mail and CWU.“I expect this will increase further as all parties become more accustomed to this type of provision. There are 140,000 postmen and women working for Royal Mail in depots up and down the UK. It is clear these employees and the CWU are very engaged and supportive of CDC [schemes].”Inter-generational fairnessSome respondents to the DWP’s consultation were critical of the plan to introduce CDC schemes, highlighting perceived inter-generational unfairness.However, the DWP said it was “confident” that its chosen approach would “not create new inequalities in the occupational pensions system”, highlighting that imbalances between age cohorts exist in other forms of pension arrangement.It added that its regulatory regime for CDC plans would “require all schemes to have a sustainability and continuity strategy that assesses whether the scheme continues to provide value to members and properly addresses the risk of inter-generational imbalance”.The paper also advocated a “best estimate” approach to valuing scheme assets, and opted against requiring new CDC schemes to build a financial buffer to soften the impact of asset price volatility. However, it said that it would not outlaw the creation of buffers if other CDC providers wished to introduce one.CommunicationsThe DWP emphasised the importance of clear communications with members, particularly around the circumstances in which benefits could be increased or reduced. This would form an important part of CDC regulation, it indicated.David Fairs, executive director of regulatory policy, analysis and advice at TPR, said in a statement: “We will be working closely with government to ensure clear, effective and efficient regulation is in place and that communications to members are also clear and comprehensive.”Rob Harper, partner at consultancy firm Hymans Robertson, added: “Ensuring clear member communications and strong governance are vital if CDC is to succeed and I’m glad the government has recognised this in its response.“Pension provision is already far too complicated for many savers to fully understand and early transparency from employers and providers will aid member understanding of what CDC really means for them.”Questionable timelineIn his introduction to the DWP’s paper, Guy Opperman said legislation would be put forward “as soon as parliamentary time allows” – a caveat added to several other recent pension documents published by the department.Sir Steve Webb – who pushed for the introduction of so-called ‘defined ambition’ schemes during his time as pensions minister from 2010 to 2015 – warned it could still be many years before the first CDC schemes are launched. The UK government is set to legislate for collective defined contribution (CDC) schemes after more than a year of negotiation and consultation with industry stakeholders.In a paper published today, the Department for Work and Pensions (DWP) outlined its framework for the introduction of CDC schemes for the first time in the UK.The model was based on a plan put forward by Royal Mail and the Communication Workers’ Union (CWU), which have been lobbying for CDC legislation for the past year, after selecting it as the best option for settling a long-running dispute over pay and conditions.According to the DWP’s paper, all new CDC schemes would have to be approved by the Pensions Regulator (TPR), in a similar manner to the authorisation regime recently introduced for defined contribution master trusts. Royal Mail and its workers’ union have been campaigning for CDC legislation for more than a year“Even for the Royal Mail it is likely to be several years before a scheme could be up and running,” said Sir Steve – now director of policy at Royal London.“If other employers want to use a different model, this could need new primary legislation and we would probably be talking about the mid-2020s before further schemes could be in place.“I strongly suspect that the government has very limited legal resources as civil servants are being diverted to work on Brexit-related legislation, and this is limiting their ability to produce more comprehensive legislation on CDC.”The DWP’s consultation paper is available here.last_img read more

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Primoz Roglic takes yellow off Adam Yates as Pogacar wins dramatic stage 9

first_imgLast Updated: 6th September, 2020 22:38 IST Primoz Roglic Takes Yellow Off Adam Yates As Pogacar Wins Dramatic Stage 9 Tadej Pogacar won the stage and Primoz Roglic moved into the overall lead after an entertaining day in the Pyrenees in Stage 9 Digital Desk First Published: 6th September, 2020 22:38 IST Tadej Pogacar won the stage and Primoz Roglic moved into the overall lead after an entertaining day in the Pyrenees in Stage 9.Tadej Pogacar led home a Slovenian one-two in Stage 9 of the Tour de France as compatriot Primoz Roglic moved into the yellow jersey after a pulsating second day in the Pyrenees.The Slovenian duo was part of a deluxe chase quartet alongside Egan Bernal and Mikel Landa which swept up Swiss escapee Marc Hirschi with just over one kilometre remaining after a heart-in-mouth descent of the Col de Marie Blanque.Team Sunweb’s Hirschi put in a brave sprint after spending 90 kilometres on the front of the race, but Pogacar (UAE Team Emirates) and Roglic (Jumbo-Visma) powered through to deny the 22-year-old a first professional win. The victory instead went to another Tour debutant, Pogacar, who moments earlier almost hit the deck when touching wheels with his compatriot in the sprint for bonus seconds over the top of the final climb.Roglic, a winner in Laruns two years ago, took over the race lead after yellow jersey Adam Yates (Mitchelton-Scott) was distanced on the Marie Blanque following a succession of attacks from the Slovenian duo and the white jersey of Bernal (Ineos Grenadiers).Britain’s Yates came home in a second chase group 54 seconds in arrears to drop to eighth place in the general classification on the eve of the first rest day. Roglic now leads defending champion Bernal by 21 seconds after the Colombian missed out on bonus seconds over the Marie Blanque and at the finish, where he took fourth place ahead of Spain’s Landa (Bahrain-McLaren).Frenchman Giullaume Martin (Cofidis) stays third but is now 28 seconds off the summit after he came home 11 seconds down in a five-man chase group that featured compatriot Romain Bardet (Ag2R-La Mondiale), Trek-Segafredo duo Richie Porte and Bauke Mollema, and the Colombian pair Rigoberto Uran (EF Pro Cycling) and Nairo Quintana (Arkea-Samsic).Hirschi spent most of the 153km stage from Pau out ahead after powering clear on the second of five categorised climbs, the Cat.1 Col de la Hourcere. At one point, the lone leader had a gap of four and a half minutes over the main field before some hefty tempo-setting by Roglic’s Jumbo-Visma train slashed the lead ahead of the all-important Col de Marie Blanque, where the expected fireworks blew up the race and turned the battle for yellow on its head.Despite missing out on the win, Hirschi moved up to third place in the King of the Mountain standings, where he trails French duo Benoit Cosnefroy and Nans Peters (both Ag2R-La Mondiale) by 10 and five points respectively. On a quiet day in the battle for green, Peter Sagan (Bora-Hansgrohe) retained his lead of seven points over Sam Bennett (Deceuninck-QuickStep) in the maillot vert race after both riders came home in the gruppetto.HIRSCHI’S HEROICSTeam Sunweb’s persistent attempts to get a man on the front of the race paid off when Switzerland’s Hirschi rode clear of the nascent breakaway on the first major climb, the Cat.1 Cote de Hourcere.A frantic opening hour to the 153km stage from Pau to Laruns saw the peloton in perpetual state of uncoiled elasticity as numerous attempts to force a move were thwarted. French duo Thibaut Pinot and Julian Alaphilippe – who saw their collective GC hopes nosedive on Saturday – were among the early attackers, although both riders would be dropped by the field on the Hourcere, Alaphilippe eventually coming home in the gruppetto almost half an hour in arrears.Sunweb’s Tiesj Benoot and Nico Roche were particularly active before their 22-year-old Swiss teammate rode clear for a second time after seeing an initial effort on the Cat.4 Cote d’Artiguelouve thwarted. Hirschi was joined momentarily by Lennard Kämna (Bora-Hansgrohe) on the Hourcere before the German eased up to join the chasers.With Jumbo-Visma setting the tempo in the pack to put pressure on an already isolated Adam Yates, the likes of Pinot and fellow Frenchman Pierre Rolland (B&B Hotels-Vital Concept) saw their chances of sticking with the chasers evaporate as the road hierarchy finally settled in the wake of the lone leader.Joining Kämna in an eight-man chase group were Warren Barguil (Arkea-Samsic), Davide Formolo (UAE Team Emirates), Sébastien Reichenbach (Groupama-FDJ), David Gaudu (Groupama-FDJ), Daniel Martínez (EF Pro Cycling), Jonathan Castroviejo (Ineos Grenadiers) and Omar Fraile (Astana).Hirschi crested the misty summit of the Hourcere with 1’15” over the chasers as news filtered through of the withdrawal of Italy’s Fabio Aru, the UAE Team Emirates rider having been dropped early before embarking on a sorry duel with the broom wagon.In wet and dank conditions, Hirschi stretched his lead to almost three minutes over the Cat.3 Col de Soudet with Jumbo-Visma coming to the front of the pack to take the subsequent descent without any risks for their yellow jersey elect, catching Reichenbach before the intermediate sprint in Arette.If the GC riders Bernal, Uran and Lopez had potential bridges in the break in Castroviejo, Martinez and Fraile, then that soon came to nothing when the chasers were swept up at the start of the Col d’Ichere with 42km remaining.Hirschi crested the summit with over four minutes to play with, giving him a real chance of glory. Behind, the Jumbo-Visma rode a fast tempo for their yellow jersey elect, stringing out the regrouped peloton ahead of the decisive climb. But by now, Yates also had five teammates with him, while Bernal rode with four Ineos Grenadiers for support.Sitting on the back of the Jumbo train all day, Yates, in his yellow jersey, looked like part of the team. The 28-year-old soon lost all his support from Mitchelton-Scott as the road hit the double-digit ramps of the climb.After Dutchman Tom Dumoulin put in a huge pull to whittle down the pack for Roglic, Pogacar made the first move from the GC favourites, followed by an acceleration from Bernal. They rode clear with Roglic, Landa and Porte in pursuit of Hirschi, who crested the summit with just 20 seconds.With bonus seconds available for the top three, Bernal did his best to kick clear. But his Slovenian rivals were a match for him – although in the frenzy Pogacar clipped Roglic’s wheel and narrowly avoided a tumble.Hirschi made a daring descent to double his lead – but the flat 7km ride into Laruns was a bridge too far, and the escapee was swept up with just over a kilometre to ride. Instead of giving up, Hirschi dropped to the back of the leading group, took a few deep breaths, and tightened his shoes.In the final sprint, Hirschi then almost did the impossible – opening it up from distance in a bid to go one better than a week before, when the Swiss was denied a maiden win in Stage 2 in Nice by Alaphilippe.But the two Slovenians surged ahead either side of Hirschi, an ecstatic Pogacar beating Roglic by a wheel, with a frustrated Hirschi banging the handlebars as he came home for third. Bernal was once again denied bonus seconds for fourth place ahead of Landa, before the leaders awaited the chasers and the arrival of the yellow jersey.Almost 10 minutes passed before Pinot came home, the Frenchman seeing his Tour dreams dashed by two troubled days in the Pyrenees. It would be another 20 minutes before Alaphilippe crossed the line. French hopes, however, live on through Martin and Bardet, who are among seven riders all within 44 seconds of the summit entering the first rest day.All the LIVE action from Stage 10 – The Chateau d’Oleron to Ile de Re Saint-Martin-de Re of Tour de France can be watched on Eurosport and Eurosport HD from 05:00 PM IST onward on September 8, 2020.(image credits: AP) FOLLOW US WE RECOMMEND 1 week ago Ineos riders’ dominance under threat at Tour de France 1 day ago Tour de France 2020: Battling Adam Yates stays in yellow as Nans Peters wins Stage 8center_img SUBSCRIBE TO US 3 days ago Crosswind chaos as Wout Van Aert wins again and Peter Sagan takes back Green COMMENT WATCH US LIVE Written By LIVE TVlast_img read more

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