PASA has submitted its response to the FCA’s consultation on the proposed Value for Money Framework.
We welcome the Framework’s potential to improve transparency, strengthen governance and support better outcomes for pension savers. Our response supports a phased approach to implementation, allowing schemes and providers to test the data and assessment process before the full requirements are introduced.
We’ve highlighted the importance of clear definitions, consistent metrics, robust validation and sufficient lead-in time. Appropriate context will also be needed to prevent misleading comparisons, particularly during the initial six-month data collection period.
We’ve also called for a clear roadmap for the future inclusion of CDC, other emerging arrangements and retirement solutions.
Ultimately, the Framework should be judged not by the volume of data published, but by whether it supports better decision-making, stronger governance and improved long-term outcomes for pension savers.
Thank you to the members of our DC Working Group and Industry Policy Committee, and their employers, for contributing to our response.
Read PASA’s full consultation response here.
