Mr Webb continued: “The regulations out for consultation today will give one employer – the Royal Mail – what it needs to press ahead.
“But as the Minister says in the foreword, there’s quite a lot of interest in other variations – e.g. collective schemes that could straddle multiple unrelated employers, or collective schemes for retirement only, and we are some way away from having the rules around those.
“We’d like to see progress on this, not least as I implemented the first legislation to pave the way for collective pensions back in 2015!
“Collective pensions could offer a positive ‘middle way’ between old-style final salary pensions where the employer took on all the risk, and more modern ‘pot of money’ pensions which have to be managed by the individual.