Value for Money assessments for workplace pensions
First assessments planned for 2028 · Framework enacted; detailed rules proposed
The current plan is for larger workplace pension schemes to publish their first assessments in 2028. Rules are planned for 2027; 2027 is not the first year of published ratings.
What is the Value for Money framework?
The proposed framework would make defined contribution workplace pensions assess and disclose value using a common approach. It considers investment results, risk, charges and services. A low charge alone does not establish whether a scheme provides good value; the outcomes delivered for that charge also matter.
The July 2026 joint consultation proposes four ratings: red, amber, light green and dark green. Trustees and independent governance committees would assess arrangements using comparisons with other schemes and consider relevant scheme features. These are proposals for a structured assessment process, rather than government guarantees of future investment performance.
When are the first assessments expected?
The FCA's July 2026 consultation page says rules and guidance are intended for 2027, subject to the consultation outcome. Larger schemes would complete assessments from 2028, with the framework extending to all in-scope schemes from 2029.
DWP's updated roadmap identifies the first published reports in October 2028, based on 2027 data. This is an implementation plan: detailed regulations, regulatory rules and supporting systems still need to be completed. A date in a roadmap should not be presented as an already operating consumer ratings service.
What could this mean for members?
The aim is more consistent evidence about pension value and action where arrangements fall short. The consultation proposes improvement requirements and, for certain poor-value arrangements, transfers where these are in members' best interests. The precise obligations depend on the final rules and the scheme's circumstances.
When reports become available, read the assessment date, the arrangement covered and its explanation alongside the colour. A scheme-level judgement does not answer every personal question about charges, guarantees or suitability. Until implementation, existing pension statements and scheme information remain the starting point for understanding your own arrangement.
Sources
General information, not a personal recommendation. Tax treatment and pension rights depend on the rules and individual circumstances.