-Credit: (Image: Reach Publishing Services Limited) A huge change to pension schemes could boost the savings for millions. Collective Defined Contribution (CDC) is a new type of workplace pension which could soon be expanded.
There are currently two main types of pensions available through employers – defined benefit and defined contribution. Defined benefit pensions pay you a guaranteed income in retirement based on your salary.
Defined contribution pensions allow you to build up a pot of money and take an income from it after you stop working. CDC pension schemes are where contributions are pooled together into a collective fund and […]
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