'Value for money' research project launched by UK IGCs and pension providers

Eleven independent governance committees (IGCs) and their UK workplace pension providers are undertaking a research initiative understanding what its members consider to be “value for money”. UK law firm Sackers is co-ordinating the programme. The UK’s Financial Conduct Authority (FCA) published new rules last year where by new bodies set up within contract-based pension funds, to protect member interests, are required to make an assessment as to whether pension scheme members are getting value for money from their workplace personal pension arrangements and to report on their findings. Sackers announced that after producing their first annual reports this year, the IGCs “want to build on the work carried out last year to investigate further how their members approach the topic of value for money”. Those contributing to the research programme are, Aegon, Aviva, Zurich, Fidelity International, Legal & General, Scottish Widows, Standard Life, Virgin Money Old Mutual Wealth, Prudential and Royal London.