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UK watchdogs team up to gauge value for money in DC pensions
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have published a joint discussion paper on developing a common framework for measuring value for money in defined contribution (DC) pension schemes.
The aim is “to drive a long-term focus on value for money across the pensions sector”, they said in a statement.
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DC savers can only maximise their retirement income if their scheme delivers value for money and the regulators said that this will only be possible if “well-run schemes deliver good investment performance that is not eroded by high costs and charges”.
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To allow good value schemes to compete, the FCA and TPR are proposing a common framework for disclosing information on the key elements which make up value for money; including investment performance, scheme oversight – including data quality and communications, and costs and charges.
‘Challenge providers’
Sarah Pritchard, executive director for markets at the FCA, said: “Consumers work hard for their pensions savings and it’s important that schemes are really delivering good-value products.
Read more @International Adviser
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