Buck Consultants has introduced a service to help defined contribution (DC) trustees assess whether their schemes provide value for money for members.
The dashboard is designed to help trustees to meet The Pension Regulator's governance standards that came into force in April.
Trustees are required to assess the scheme's value for money within the governance reporting in the annual chairman's statement.
The consultancy's rating system attempts to tackle this problem by providing an annual analysis that evaluates a range of factors, giving each scheme, or scheme section, a total score out of 100.
Each contributory factor is weighted by importance and added to the overall total score, with the trustees receiving a dashboard that breaks down the scheme's strengths and weaknesses.
Buck Consultants principal Sue Curley said trustees had been left unclear on how they should be reporting on value for money.
"It is essential that trustees do not leave it too late to look at this part of their governance requirements, as value for money can be difficult and time-consuming to assess without a structured approach," she warned.
"We would advise all trustees to take a thorough approach to tracking whether the pension scheme arrangement they are responsible for is providing value for money."
Buck's analysis takes into account numerous aspects of a scheme's activities -from whether it provides a discrete administration team, through to the actual investment performance of the funds.
The firm said this gave trustees confidence that they were assessing their scheme on a consistent basis.
Buck is then able to build up a database of information to see how schemes compare to each other.
The service looks at benefits including: contribution levels, administration services, communications, member support, and access to the April pension freedoms.
It also looks at investment monitoring, reporting, and one, three and five-year performance levels, as well as the level of costs and charges built into the scheme.
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