10 December 2025
Pensions UK has responded to the Department for Work and Pensions’ consultation on the development of Retirement-Only Collective Defined Contribution (CDC) schemes.
Our response sets out the conditions under which Retirement-Only CDC could become a valuable and trusted part of the UK retirement income landscape. We emphasise the need for strong governance, disciplined actuarial standards, transparent communication, and a robust authorisation and supervisory framework to protect members and ensure sustainability.
We also highlight the importance of aligning Retirement-Only CDC with wider reforms, including Guided Retirement and the Value for Money framework, and look forward to continued engagement as the regulatory framework is developed.