TPR blog highlights proposed new system to deliver value for money for pension savers

Article summary

The Pensions Regulator (TPR) has published a blog highlighting the new system it proposes to introduce in its consultation on the value for money (VFM) framework, which was launched on 30 January 2023 and focuses on the public disclosure of comparable data across investment performance, cost and charges, and quality of services to ensure pension savers receive value for money by default. TPR states that this is ‘vital’ as the current system of workplace pensions is built on inertia, with no active choice made by most savers. TPR believes that this data will help schemes and regulators to effectively understand how they are performing relative to their competitors and the market overall. TPR’s blog encourages industry, pension schemes and providers, employers, consumer groups and others to engage with the consultation before it  closes on 27 March 2023.