TUC hits out at delays to collective pension schemes

Date: Thursday, 15 October 2015
Embargo: For immediate release

The TUC has today (Thursday) critcised the decision by Pension Minister Baroness Altmann to postpone the introduction of Collective Defined Contribution (CDC) pensions.
 
The TUC believes such schemes could boost workers’ savings by nearly a third compared to traditional defined contribution pensions.
 
TUC General Secretary Frances O’Grady said:
 
“The TUC is deeply disappointed by the decision to postpone the introduction of Collective Defined Contribution (CDC) pensions.

“The result will be to leave too many savers relying on poor value old-fashioned defined contribution schemes.

“While we welcome Baroness Altmann's continued support for collective schemes, we do not agree with her decision to halt work to introduce it.
 
“Dutch and Canadian workers already enjoy collective schemes which could boost workers' pension savings by 30 per cent over conventional defined contributions schemes.

“In shelving this good work, the Minister has denied British workers the opportunity to make the most of their hard-earned pension savings.”

Notes to Editors:
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Contacts:
Media office: T: 0207 467 1248  E: media@tuc.org.uk
Alex Rossiter  T: 020 7467 1285  M: 07887 572130  E: arossiter@tuc.org.uk
Tim Nichols  T: 020 7467 1388  M: 07808 761844  E: tnichols@tuc.org.uk
Michael Pidgeon  T: 020 7467 1372  M: 07717 531150  E: mpidgeon@tuc.org.uk