Trustees of "defined contribution" style pension schemes must assess the extent to which charges/transaction costs provide good value for members. This is very important as charges can have a big influence on the eventual size of a pension pot and retirement income. 2/
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But just 16% of pension schemes met this requirement in 2019, a decrease from 25% the year before. This means four in five schemes are failing to keep a proper check on value for money for their members. 3/
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The main reason why so many schemes failed the Value For Money requirement was they did not research and take account of what their members valued. This expectation was met by just 31% of schemes, falling to 15% of small schemes. 4/
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Most Master Trusts failed on the Value for Money requirement with only 47% passing. So-called Master Trusts are among the biggest pension schemes in the UK are said to be the best run for members. 5/
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Master Trusts are multi-employer pension schemes and can have tens of thousands of businesses, and millions of members, on their books. Checking whether members are getting value for money in these schemes is more challenging than a pension scheme with just one employer. 6/
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At the same time nearly seven in ten Master Trusts self reported to the Pensions Regulator that they had researched their members and took this into account when assessing value for money. See more on these stats on page 15-16 https://www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/dc-research-summary-report-2019.ashx?_ga=2.12142002.720431598.1564585935-1342582639.1557304959 …
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Actuarials would emphasise the ratio of a) increase in net growth of the pension fund (taking into account transfer/withdrawals) to b) all direct/indirect charges levied. Unfortunately, with low interest rates and QE, a negative impact on savings incentive exists.
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