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The Value for Money Framework: Consultation

From:
Department for Work and Pensions
Published
13 July 2026

Summary

The Value for Money Framework will place investment outcomes, service quality and overall value at the centre of workplace pension provision.

This consultation closes at

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.

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.

Documents

Value for Money Framework: Consultation

PDF, 2.24 MB, 193 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Value for Money Framework: Regulations

PDF, 900 KB, 34 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Value for Money Framework: Conduct of Business

PDF, 932 KB, 90 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Ways to respond

Email to:

vfmconsultation2026@dwp.gov.uk

Updates to this page

Published 13 July 2026

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