On 10 May 2018, the Competition and Markets Authority (CMA) published a working paper as part of its market investigation into investment consultants which sets out the analysis the authority has undertaken to examine whether pension schemes which are more engaged with the market receive better outcomes (in terms of price) than those that are less engaged. The CMA’s emerging findings are that engaged schemes pay significantly less, and disengaged schemes pay significantly more, when schemes transition into fiduciary management with the same provider as they used for investment consultancy services. The CMA states that this is indicative that the market is not working well for disengaged schemes, or schemes facing barriers to engagement. The CMA invites views on its analysis and emerging thinking by 24 May 2018.