TISA backs Value for Money framework, calls for consistent pension value rules
Renny Biggins, said: “The framework will only deliver if there is meaningful comparison between schemes."
TISA has backed the aims and phased introduction of the Value for Money (VfM) framework but called for consistent rules across pension schemes.
The comments were made in its response to the Financial Conduct Authority’s (FCA) consultation CP26/25: The Value for Money Framework: Consultation on draft regulations and draft.
TISA said the first year should focus on regulatory reporting, testing and consistent interpretation.
It called for public disclosure and commercial consequences to be delayed until schemes applied the framework consistently.
It also recommended changes to chain-linking requirements, simpler costs and charges disclosures, stronger oversight and a revised definition of multi-employer arrangements.
Renny Biggins, head of policy: products and long-term savings at TISA, said: “The Value for Money framework has the potential to improve outcomes for millions of pension savers.
“Whilst we support the objectives and phased approach for implementation, the framework will only deliver if there is meaningful comparison between schemes.
“To achieve this, there needs to be consistency in how rules are interpreted, data is provided, and assessments are carried out.”
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