The Regulator has explained in a blog published on August 29, 2024, why trustees of DC schemes must “seize this opportunity to shape one of the biggest revolutions in pensions policy since auto enrolment”.

The Regulator has been working with the Financial Conduct Authority on a value for money framework consultation for contract-based schemes, and the DWP has committed to introducing equivalent legislation for trust-based DC schemes in the upcoming Pension Schemes Bill. Trustees are encouraged to engage with the value for money consultation, which closes on October 17, 2024.

The value for money framework will require schemes to:

  • Publicly disclose investment performance, charges and service quality data metrics, to facilitate market comparison and choice.
  • Undertake a step-by-step assessment, with a traffic light system for reporting value for money.
  • Take action as a result of their assessment to improve what they offer savers.

The Regulator will encourage master trusts and large single-employer schemes to adopt the framework early in order to shape the legislative regime that will follow in the Pension Schemes Bill.



Contacts

Lesley Browning
Lesley Browning
Partner
Email
lesley.browning@nortonrosefulbright.com
T: +44 20 7444 2448 / +44 77 1030 3311
Shane O'Reilly
Shane O'Reilly
Partner
Email
shane.o'reilly@nortonrosefulbright.com
T: +44 (20) 74443895

Industry:

Recent publications

Digital concept of data flow

Publication

Generative AI: A global guide to key IP considerations

Artificial intelligence (AI) raises many intellectual property (IP) issues.

Global | July 09, 2024

Artificial intelligence (AI)

Publication

NRF Director of Strategic Innovation & Design named Innovation leader of the year at the ILTA 2024 awards

We are delighted to announce that Al Hounsell, Director of Strategic Innovation & Legal Design based in our Toronto office, has been named 'Innovative Leader of the Year' at the International Legal Technology Association (ILTA) Awards.

Global | May 03, 2024

Publication

TMT M&A trends: Road to recovery as sector looks to exploit technology deal drivers

After a lacklustre finish to 2022 when compared to the vintage year for M&A that was 2021, dealmakers expected 2023 to see the market continue to cool in most sectors, in response to the economic headwinds of rising inflation (with its corresponding impact on financing costs), declining market valuations, tightening regulatory scrutiny and increasing geopolitical tensions.

Global | May 01, 2024

Technology transactions
Site search

Subscribe and stay up to date with the latest legal news, information and events . . .

Register now