New TPR code for CDC schemes

What This Means for Pension Schemes

TPR press releases signal regulatory priorities and enforcement activity. Trustees and scheme administrators should review this release for relevance to their own scheme governance, funding, and compliance obligations.

CDC schemes represent a meaningful middle ground between DB and DC — offering member income stability without the balance sheet risk of a guaranteed benefit. The new code provides the governance framework that large employers and master trusts need to move forward with CDC implementation.