Work to launch the UK’s first commercially available multi-employer collective defined contribution (CDC) pension scheme has continued, with Squire Patton Boggs now providing advice to TPT Retirement Solutions on its plans for this.

Following the launch of the landmark Royal Mail scheme last year, which Squire Patton Boggs also advised on, TPT Retirement Solutions announced plans to launch its own multi-employer CDC scheme, making it the first provider to publicly declare its intention to enter this market.

It has since confirmed that it has appointed Squire Patton Boggs to provide advice on this work, with pensions partners Kate Bailey and Wendy Hunter leading the team advising TPT on the design and establishment of its new CDC scheme, with the group still aiming to complete authorisation by the end of 2026.

TPT is also expected to launch bespoke CDC arrangements for larger businesses seeking tailored solutions.

Commenting on the appointment, Bailey stated: “We are excited to be working with TPT on this prestigious project to develop a cutting-edge pension arrangement that will offer greater cost certainty for employers and an income for life to their members.

“Having advised the trustee of the UK's first CDC plan from its creation, we are looking forward to bringing our experience to bear on the next generation of pension schemes, working alongside TPT and others at the forefront of the industry.”

TPT Retirement Solutions head of CDC, Paul Eagles, said: “We're very pleased to be working with Squire Patton Boggs on this industry-first multi-employer CDC pension scheme.

“Having advised the trustee for Royal Mail's single-employer CDC scheme last year, Squire Patton Boggs' expertise in CDC is a natural fit for the project we've just embarked on.

“Working with our partners, we intend to drive pension innovation in the UK by making CDC accessible to employers of every size. This progress represents a major step for the sector. For employers, CDC could become a compelling way to engage, attract, and retain workers.

“For employees, CDC is expected to lead to better outcomes in retirement – allowing members to access regular pension income without having to make complex financial decisions.”

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