The Value for Money Framework: Consultation
Summary
The Value for Money Framework will place investment outcomes, service quality and overall value at the centre of workplace pension provision.
This consultation closes at
11:59pm on 15 September 2026
Consultation description
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.
Following stakeholder representations, the consultation period has been extended. Responses can now be submitted until 11:59pm on 15 September 2026. This replaces the previous deadline of 11:59pm on 1 September 2026.
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.
Response handling
Your responses will be shared with the FCA, TPR and DWP. We are asking respondents to reply to the DWP, who will collate responses on behalf of the group.
Documents
Value for Money Framework: Consultation
PDF, 1.45 MB, 162 pages
Value for Money Framework: Regulations
PDF, 900 KB, 34 pages
Value for Money Framework: Conduct of Business
PDF, 932 KB, 90 pages
Value for Money: Cost benefit analysis
PDF, 662 KB, 25 pages