The DWP, FCA, and the Regulator have published a joint consultation seeking views on proposals for all trustees and administrators running DC schemes to assess and compare their value for money. The paper sets out the proposed standards and a step-by-step process for measuring VFM. Relevant schemes will be required to gather data on investment performance, costs and charges and quality of services. Data on these three factors would then be reported on a standard template, which forms part of the consultation. The consultation sets out how changes would be phased in, initially applying to auto-enrolment default arrangements and legacy DC schemes which have received past employer contributions.

The consultation closes on March 27, 2023, and will be followed by further consultations from the FCA and DWP.




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