PA360 North: Workplace pension VfM changes bring advice opportunity

All schemes will be required to assess value for money for members

Jenna Brown
clock • 1 min read

The introduction of workplace pensions value for money (VfM) rules will give advisers an opportunity to help clients who find themselves in red-flagged schemes, delegates heard.

New rules mean defined contribution (DC) workplace pension schemes will be categorised under a traffic light system pegged to VfM for members. Speaking at PA360 North today (1 October), AJ Bell head of public policy Rachel Vahey said the policy would be introduced shortly and was going to change workplace pensions. "This is going to be brought in across all DC workplace pension schemes," she said. "The Financial Conduct Authority consultation is out now, and closing soon. The Pension Schemes Bill will include legislation on this for occupational schemes. "It wants to knock out all ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Investment Association calls for wider pension reform to boost UK growth

Investment Association calls for wider pension reform to boost UK growth

IA makes recommendations for UK pensions market

Holly Roach
clock 04 October 2024 • 2 min read
'Double default' AE savers represent massive advice opportunity

'Double default' AE savers represent massive advice opportunity

AE a success but ‘more needs to be done’ to help with complex decisions

Jenna Brown
clock 03 October 2024 • 2 min read
Advisers have crucial role to play in boosting pension awareness

Advisers have crucial role to play in boosting pension awareness

Plenty of would-be savers have switched off from pensions

Ahmed Bawa
clock 26 September 2024 • 4 min read