Pensions Minister launches “Pound for pound” initiative

Pensions Minister, Torsten Bell, hosted a roundtable on July 22, 2025, at which the ‘Pound for Pound’ initiative was launched. This is a pilot exercise designed to test value-based metrics ahead of the implementation of the forthcoming Value for Money framework.

The roundtable brought together major pensions providers including Aviva, L&G, Smart Pension, TPT Retirement Solutions, NatWest Cushon, and People’s Pension. 

The aim of the discussion was to explore how the UK pensions market can move beyond cost-based comparisons by using anonymised benchmarking and drawing on lessons from Australia’s superannuation system, including the use of both qualitative and quantitative data to assess value.

Findings from the pilot will inform the Government’s upcoming VfM consultation and support the development of the Pension Schemes Bill 2025, with broad consensus on the need for clearer definitions and a stronger regulatory framework for value.