The FCA is consulting further on the value for money framework in workplace pensions. In particular, the paper proposes revisions to the way arrangements are assessed and compared in order to make the process more objective and robust.
The main changes since the previous consultation are:
- The introduction of forward-looking metrics to assessments;
- Fewer cost and backward-looking investment performance metrics, focused on key metrics;
- Streamlined service quality metrics to allow further engagement with industry on others;
- Comparisons of value against a commercial market comparator group rather than 3 other arrangements;
- A four-point rating system rather than three, to allow identification of top performers.
The consultation closes on 8 March 2026.