Consultation opens
13/07/2026
13/07/2026
Consultation closes
01/09/2026
The Value for Money (VFM) Framework is intended to support a significant shift in the way the workplace pension industry operates and competes. This consultation contains our updated proposals, reflecting feedback from our previous consultation (CP26/1).
To help shape the proposals in the VFM framework, the FCA has also undertaken a survey seeking asset allocation data from a number of FCA regulated firms. A similar exercise was conducted by The Pensions Regulator looking at master trust (MT) schemes[2].
Read the results of the survey[3]
This consultation builds on earlier proposals and incorporates stakeholder feedback to ensure the Framework is proportionate, effective and deliverable, while maintaining a consistent approach across both trust-based and contract-based workplace pensions in so far as possible.
We encourage firms operating contract-based workplace pensions, their IGCs and GAAs, and the trustees of trust-based schemes to respond to this consultation. We welcome feedback from:
To respond to this consultation, please send responses to the DWP VFM Policy Team. Responses will then be shared with FCA and the Pensions Regulator.
Subject to the outcome of this consultation, we intend to introduce rules and guidance for the VFM Framework in 2027. In parallel, and subject to Parliamentary agreement, DWP and TPR plan to introduce regulations for trust-based arrangements.
From 2028, larger schemes, including Master Trusts, large single employer schemes, and multi-employer contract-based schemes which are open to new employers, will complete Value for Money assessments. The changes will be introduced carefully and will be rolled out to all in-scope schemes from 2029.
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