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Discussion paper: Value for Money

Published: 16 September 2021
Closing date: 10 December 2021
Feedback statement published: 24 May 2022

A joint discussion paper on assessing Value for Money (VFM) by The Pensions Regulator and the Financial Conduct Authority


We invited views on developing a holistic framework and related metrics to assess VFM in all FCA and TPR regulated defined contribution pension schemes (workplace and non-workplace). We focused on VFM in accumulation.

We received a wide range of responses, which demonstrated clear support across the industry for a consistent approach to the issue. A common approach would allow access to consistent data on investment performance, costs and charges and service standards. This will result in better outcomes for pensions savers in the long term.

Respondents also highlighted complex questions about how to achieve this. Further work is needed on what should be disclosed and how. We will continue to engage with industry and consumer groups in the coming months and, together with the Department for Work and Pensions, aim to publish a consultation towards the end of 2022, setting out proposals.