We have long supported the Government’s development of a Value for Money Framework. By encouraging a more holistic assessment of pension scheme performance, these new reporting requirements can help move the market’s focus away from cost alone and towards the value delivered for savers.

The Framework’s success, however, will depend on confidence in the data underpinning it. To ensure it delivers the intended benefits and avoids unintended consequences, all parties must be confident that the data is accurate and genuinely comparable before the data is published. We and our members will continue to work with Government and regulators to help deliver this.