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United Kingdom

UK pensions regulatory update: DC value for money framework, Pension Schemes Bill committee stage, NICs salary sacrifice limit, revised multi-employer CDC Code, T-bills consultation, dashboards, TPO framework

Published on: 08 January 2026

Published by a LexisNexis Pensions expert
Legal News
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Article summary

In this issue:

  • Value for money
  • Pension Schemes Bill
  • National Insurance Contributions (Employer Pensions Contributions) Bill
  • Collective defined contribution schemes
  • The Pensions Ombudsman
  • Funding, surplus and investment
  • Pensions dashboards
  • Members and benefits
  • Daily and weekly news alerts
  • Dates for your diary
  • Trackers

Value for money

Joint TPR and FCA VFM proposals seek to improve transparency and comparability in DC pension schemes

On 8 January 2026, the Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) issued a joint regulatory consultation and accompanying response (CP26/1), outlining a consistent approach for a new value for money (VFM) framework across defined contribution (DC) workplace pensions. Their intent is to pivot the industry away from narrow, price-focused assessments towards a broader, comparable view of the value delivered to pension savers across both trust-based and contract-based arrangements. The proposed VFM framework would enable trustees, providers and governance bodies to evaluate long-term scheme performance for members, enhancing transparency and fuelling competition by clarifying which schemes provide strong value, and which do not, thereby supporting improved retirement outcomes...

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