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Value for money (VFM) framework consultation

Published: 30 January 2023

Closing date: 27 March 2023

Consultation on the value for money (VFM) framework.


The value for money (VFM) framework sets out metrics and standards to assess value for money across defined contribution (DC) pension schemes.

The framework has been developed to ensure that member outcomes are front and centre when decisions about people's savings are made. It will allow comparisons between different schemes' costs and charges, investment performance and service standards.

This consultation seeks views on proposals to require trustees and managers of DC schemes and the providers and Independent Governance Committees (IGCs) of workplace personal pension schemes to disclose, assess and compare the value for money their scheme provides.

This is a joint consultation between the Department for Work and Pensions, The Pensions Regulator and the Financial Conduct Authority.

Consultation documents

Value for money consultation on GOV.UK