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The ‘Value for Money’ debate
Imagine a world where people would be able to look at their pensions and see whether their provider was giving them good value for money. They’d be able to compare that value for money with other schemes. It might make them switch investments. It would certainly be a wake-up call for schemes which were not scoring well.
That’s a vision the government is aspiring to. A consultation on how to get there has recently closed and we’re awaiting its conclusions.
But how should you measure value for money? Should low costs be more important than good investment returns? Getting the metrics right is going to be a complicated job.
Casting his eye over the consultation is Phil Brown, today joined by Joe Dabrowski, the deputy director of policy at the Pension Lifetime Savings Association, and Rob Yuille, Assistant Director, head of long-term savings policy at the Association of British Insurers.