Consumer Duty spurs pension providers to ensure fair value

Majority of providers to update value-based assessments yearly

Sahar Nazir
clock • 1 min read

Pension providers have researched cost and charges on comparable products in the market to ensure they represent fair value as a result of Consumer Duty.

According to Benefits Guru, financial advisers asked their pension providers if they found "details of members [who] may be incurring higher charges than is relative to the product" when completing their fair value assessments, the majority answered "no following Consumer Duty". Benefits Guru also found that workplace pension providers achieved their strongest performance ever in the 2023 Benefits Guru annual workplace pension and auto-enrolment ratings. Nine providers, including Aviva, Royal London, and Scottish Widows, have earned coveted "overall gold" awards for their workplace pe...

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