Pension Schemes Act 2026
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Change 1
13 VFM assessments
(1) Value for money regulations made by virtue of section 11(2)(a) may— (a) require responsible trustees or managers to compare (in respect of a VFM period) a scheme’s or arrangement’s metric data with— (i) the metric data of a prescribed number (or prescribed minimum number) of other schemes or arrangements (“comparator” schemes or arrangements) selected by the trustees or managers, or (ii) one or more relevant benchmarks; (b) make other provision about the method for comparing and evaluating the performance of schemes or arrangements, for example provision about— (i) factors that may or must be considered; (ii) criteria to be used in comparing performance; (iii) the use and evaluation of evidence; (c) make provision about how the results of comparisons are to be taken into account in making determinations under section 15(1) (determinations for the purposes of assigning ratings); (d) make provision about the eligibility of— (i) relevant pension schemes for selection as comparator schemes; (ii) arrangements under relevant pension schemes for selection as comparator arrangements; (e) specify factors that responsible trustees or managers must take into account when selecting comparator schemes or comparator arrangements. (2) Without prejudice to the breadth of subsection (1)(b)(i), factors prescribed in accordance with that provision may for example include— (a) factors relating to differences in the composition of the membership of different schemes or arrangements; (b) special features or characteristics of schemes or arrangements that are taken into account in their investment strategies. (3) In this section “relevant benchmark” means— (a) a benchmark specified in value for money regulations; (b) if value for money regulations so provide, a benchmark approved and published by the Pensions Regulator.
13 VFM assessments
(1) Value for money regulations made by virtue of section 11(2)(a) may— (a) require responsible trustees or managers to compare (in respect of a VFM period) a scheme’s or arrangement’s metric data with— (i) the metric data of a prescribed number (or prescribed minimum number) of other schemes or arrangements (“comparator” schemes or arrangements) selected by the trustees or managers, or (ii) one or more relevant benchmarks; (b) make other provision about the method for comparing and evaluating the performance of schemes or arrangements, for example provision about— (i) factors that may or must be considered; (ii) criteria to be used in comparing performance; (iii) the use and evaluation of evidence; (c) make provision about how the results of comparisons are to be taken into account in making determinations under section 15(1) (determinations for the purposes of assigning ratings); (d) make provision about the eligibility of— (i) relevant pension schemes for selection as comparator schemes; (ii) arrangements under relevant pension schemes for selection as comparator arrangements; (e) specify factors that responsible trustees or managers must take into account when selecting comparator schemes or comparator arrangements. (2) Without prejudice to the breadth of subsection (1)(b)(i), factors prescribed in accordance with that provision may for example include— (a) factors relating to differences in the composition of the membership of different schemes or arrangements; (b) special features or characteristics of schemes or arrangements that are taken into account in their investment strategies. (3) In this section “relevant benchmark” means— (a) a benchmark specified in value for money regulations; (b) if value for money regulations so provide, a benchmark approved and published by the Pensions Regulator.
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