The Value for Money Framework: Consultation
Consultation description
This policy consultation sets out the objectives, reforms, implementation approach and proposals for the Value for Money (VfM) Framework , alongside draft DWP regulations and FCA Rules.
Following stakeholder representations, the consultation period has been extended. Responses can now be submitted until 11:59pm on 15 September 2026. This replaces the previous deadline of 11:59pm on 1 September 2026.
The challenge today
A successful pensions market can do more to focus on the value delivered to savers.
Competition has often focused on cost rather than overall outcomes.
The vision for the Value for Money Framework
We want to create a market where value drives competition and poor-performing arrangements are identified and improved, or exit the market.
Greater transparency
Standardised disclosures and a central VfM database will support comparisons across the market.
Supporting scale and consolidation
The Framework complements wider pension reforms focused on consolidation and governance.
Looking ahead
The Framework will improve transparency, accountability and long-term saver outcomes.
Response handling
Your responses will be shared with the FCA, TPR and DWP. We are asking respondents to reply to the DWP, who will collate responses on behalf of the group.
Documents
Ways to respond
Updates to this page
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Following stakeholder representations, this consultation has been extended and will now close at 11:59pm on 15 September 2026.
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Added the heading 'Response Handling' and content underneath it.
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Added an updated version of the PDF 'Value for Money: Consultation'. Added a new PDF 'Value for Money: cost benefit analysis'. Corrected the contact email address on the landing page to 'caxtonhouse.vfmconsultation2026@dwp.gov.uk'
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First published.