Part of Pension Schemes Bill – in a Public Bill Committee at 3:15 pm on 4 September 2025.
New clause 42—Holistic Value for Money Assessment—
“(1) The Secretary of State must make regulations to require that any value for money assessment framework for defined contribution pension schemes includes holistic indicators beyond cost and return.
(2) The framework must include consideration of—
(a) whether the scheme offers access to free or subsidised pension advice or guidance;
(b) the frequency and impact of pension transfer delays for members;
(c) other qualitative indicators as may be prescribed, including those related to member engagement and support services.
(3) Regulations under this section may require that—
(a) schemes are rated according to both quantitative and qualitative indicators of value;
(b) schemes publicly disclose their performance against these holistic criteria;
(c) the frequency of assessment is sufficient to ensure up-to-date information for regulators and members.
(4) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.”
This new clause ensures that the value for money framework for defined contribution schemes includes whether schemes offer free or subsidised advice, and the extent to which pension transfer delays occur and affect member outcomes.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
Secretary of State was originally the title given to the two officials who conducted the Royal Correspondence under Elizabeth I. Now it is the title held by some of the more important Government Ministers, for example the Secretary of State for Foreign Affairs.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
