A key part of the assessment is whether costs and charges borne by the members represent good value for them (Value for Member).
A scheme offers value for money where the costs and charges deducted from members provide good value in relation to the benefits and services they receive, when compared to other options available in the market. For instance, if your scheme has higher costs and charges it should offer improved benefits and services.’ The Pensions Regulator, April 2015
A VFM assessment needs to incorporate a wide range of areas and components to understand what members value most to know whether the scheme over all succeeds in offering ‘value’.
Both Absolute VFM (based on schemes own merits and benefits) and Relative VFM (comparing the scheme with its peers) needs to be reviewed under the assessment as both are of use to the trustees and company.
Below we highlight the step-by-step process we take in carrying out a VFM assessment.
Our report provides the independent assessment trustees require to ensure that their scheme provides both Value for Money and Value for Members and provides a clear list of action and priorities for trustees.
In recent years, regulators have put so much emphasis on the minutiae of defined contribution pensions that we seem to have forgotten about the bigger picture.
Damian Stancombe discusses the enormous responsibility faced by trustees of defined contribution schemes. Damian explores how research and engagement on short to medium term financial issues has got to be the starting point on that journey.
Mark Futcher and Jonathan Watts-Lay, director at Wealth at Work offer their own compelling insights into the changing face of the retirement landscape in this interview with PMI TV.
Our Autumn PerioDiC newsletter summarises the trustee, company, and other elements to be aware of which help with running a defined contribution (DC) scheme.
Our Spring PerioDiC newsletter summarises the trustee, company, and other elements to be aware of which help with running a defined contribution (DC) scheme.
Whether you are a trustee running an occupational scheme, a company offering a master trust scheme or a contract-based scheme, these newsletters help to keep you up to date with elements relevant to your DC arrangement.
We examine the pension scheme journey of Mitchells & Butlers, one of the largest operators of restaurants, pubs and bars in the UK. Both company and trustees worked together to deliver a market-leading DC scheme with better outcomes for members at its core.
At our DC Conference, we helped delegates understand the experiences, challenges and thought processes of their members to enable them to make better decisions for their scheme – truly putting themselves in their members’ shoes.
Our Beyond Pensions report reveals that UK employers care about the financial needs of their employees and want to help alleviate their financial stress, but are not hitting the spot.
Our ‘Generation WHY? study, now in its third year, highlights important generational attitudes and perspectives towards money matters as well as savings and how personal affluence affects outlook.
For the second consecutive year, we are delighted to have been named ‘DC Adviser of the Year’ at Pensions Insight's DC Awards.
Barnett Waddingham is delighted to have been recognised as the UK’s DC adviser of the year, and the leading DC technology provider of the year at the Pensions Insight DC Awards 2016.