The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) will have a full range of regulatory powers
Spring Budget 2024: The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) will have a full range of regulatory powers to ensure employers are adhering to the Value for Money (VFM) framework.
Chancellor of the Exchequer, Jeremy Hunt, announced the plans in order to address schemes that are “persistently offering poor outcomes for savers”.
The VFM framework will highlight where pension schemes are focused on short-term cost savings at the expense of long-term investment outcomes, and where schemes’ current scale may be preventing them from offering value to savers.
TPR and FCA will be able to draw on regulatory powers which include closing a scheme to new employer entrants and, where necessary, winding up a scheme.
