Value for money

2015 was a phenomenally busy year for pension regulation and there are no signs of a quiet 2016. Punter Southall head of research Jane Beverley looks at the most important dates for trustees.

The Financial Conduct Authority (FCA) is investigating asset managers and investment consultants over concerns about value for money and conflicts of interest.

Measuring value for money is difficult because it is completely subjective but there is a way forward, finds Stephanie Baxter

Schemes need better benchmarking to be able to assess value for money, according to panellists at the National Association of Pension Funds conference.

Practical help for DC trustees

Dissatisfaction with annuities which came to be seen as poor value could be repeated for the pension reforms if members are not given flexibility says Janette Weir.

Elston Consulting has written guidance to help trustees assess and report on value for money in defined contribution (DC) schemes.

Buck Consultants has introduced a service to help defined contribution (DC) trustees assess whether their schemes provide value for money for members.

Trustees struggle to assess asset managers and investment consultants, according a Financial Conduct Authority (FCA) review that also identified conflicts of interest and a lack of competition in the markets.

Insurers do not deserve the bashing they get over high fees as many already provide good value for money in contract-based schemes, according to independent trustees.