On 4 October 2021, the FCA published Policy Statement 21/12: Assessing value for money in workplace pension schemes and pathway investments: requirements for IGCs and GAAs (PS21/12). In PS21/12 the FCA summarises the feedback received to Consultation Paper 20/9: Driving value for money in pensions and sets out final rules. The final rules will come into force on 4 October 2021, and firms and independent governance committees will have until the end of September 2022 to publish their next report.

The FCA has also published a joint discussion paper with the Pensions Regulator seeking input from relevant stakeholders around prescribing standardised metrics or benchmarks for its 3 elements of value for money across the pensions market to make it easier to compare different products. The FCA also wants to encourage discussions around transparency and the availability of comparison data. The deadline for responding to the discussion paper is 10 December 2021.

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