The government said the value for money framework will improve transparency, comparability, and competition between defined contribution pension schemes and help deliver the best possible value and long-term outcomes for pension savers.
Trott said: “We do not believe that requirements to disclose and assess additional information should be unduly burdensome.
“We want to ensure that any regulatory requirements of a value for money framework are proportionate to the benefits that increased value for money brings savers.
“We want to deliver good outcomes for those saving for retirement through policy that works in practice for the pensions market, whilst maintaining a focus on value for money for pension savers. This framework is designed to ensure that member outcomes are front and centre when decisions about people’s savings are made.”.
The consultation period runs until March 27, 2023.
sonia.rach@ft.com
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