Department for Work and Pensions (DWP) has announced that a new type of pension scheme is moving a step closer, with more than 100,000 Royal Mail postal workers being first in the queue to sign up for it.
The new Collective Defined Contribution (CDC) schemes will work by both employers and employees paying into a central pool of cash, this means that when people retire, they will draw an income from the collective fund.
The new scheme has been made possible following the creation of the Pension Schemes Act earlier this year and the next stage in the process is a consultation, which launches today (July 20), with the DWP seeking views on the draft regulations.
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