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ARTICLE · 19 JANUARY 2026

Value For Money Back Under The Spotlight

Travers Smith LLP
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The Financial Conduct Authority (FCA) and the Pensions Regulator have issued a new joint consultation on their long-awaited value for money (VFM) framework for workplace defined contribution (DC) pension schemes.

United KingdomEmployment and HR
David James
David James
Chris Widdison
Chris Widdison
Daniel Gerring
Daniel Gerring
Niamh Hamlyn
Niamh Hamlyn
Harriet Sayer
Harriet Sayer
Alexander Economides
Alexander Economides
Catrin Young
Catrin Young
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The Financial Conduct Authority (FCA) and the Pensions Regulator have issued a new joint consultation on their long-awaited value for money (VFM) framework for workplace defined contribution (DC) pension schemes.

The revised plans aim to take effect from 2028 and follow industry criticism of the FCA's original proposals issued in 2024. The Regulators have softened some measures, but the core principles stand. The Regulators remain focused on improving transparency, comparability and competition in the pensions sector.

We set out below:

  • the background and scope of the new regime;
  • an overview of how the VFM framework will operate;
  • a commentary of how the proposed framework has changed since the FCA's earlier consultation; and

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