The Value for Money Framework: Consultation
The Value for Money Framework will place investment outcomes, service quality and overall value at the centre of workplace pension provision.
This policy consultation sets out the objectives, reforms, implementation approach and proposals for the Value for Money (VfM) Framework , alongside draft DWP regulations and FCA Rules.
Following stakeholder representations, the consultation period has been extended. Responses can now be submitted until 11:59pm on 15 September 2026. This replaces the previous deadline of 11:59pm on 1 September 2026.
The challenge todayA successful pensions market can do more to focus on the value delivered to savers.
Competition has often focused on cost rather than overall outcomes.
The vision for the Value for Money FrameworkWe want to create a market where value drives competition and poor-performing arrangements are identified and improved, or exit the market.
Greater transparencyStandardised disclosures and a central VfM database will support comparisons across the market.
Supporting scale and consolidationThe Framework complements wider pension reforms focused on consolidation and governance.
Looking aheadThe Framework will improve transparency, accountability and long-term saver outcomes.
Response handlingYour responses will be shared with the FCA, TPR and DWP. We are asking respondents to reply to the DWP, who will collate responses on behalf of the group.