Value for Money


Why is this important?

From April 2015 new minimum quality standards will affect DC schemes.

  • Trustees must assess the extent to which an occupational DC scheme’s charges and transaction  costs represent “good value”. (This new duty will sit alongside their existing responsibility to test  value for money in accordance with the Pensions Regulator’s (TPR) DC Code of Practice.)
  • Independent governance committees (IGCs) must assess and raise any concerns about the  “ongoing value for money” of a provider’s contract based workplace DC pension schemes.

What is Value for Money?