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.

The challenge today 

A 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 Framework 

We want to create  a market where value drives competition and poor-performing arrangements are identified and improved, or exit the market. 

Greater transparency 

Standardised disclosures and a central VfM database will support comparisons across the market. 

Supporting scale and consolidation 

The Framework complements wider pension reforms focused on consolidation and governance. 

Looking ahead 

The Framework will improve transparency, accountability and long-term saver outcomes.