Pension professionals have identified the value for money (VFM) framework as most likely policy development to improve pension scheme member outcomes, according to a poll from the Society of Pension Professionals (SPP).

The poll asked what attendees believed would be the single biggest driver of improved member outcomes.

The leading response was the new VFM framework, chosen by 44 per cent of people.

The proposed VFM framework aims to provide a more consistent assessment of defined contribution (DC) arrangements across investment performance, costs and charges, and service quality.

This was followed by small pension pot consolidation, chosen by 30 per cent of respondents, contractual overrides, selected by 15 per cent, and scale, chosen by 11 per cent.

SPP member, Hannah Tebbutt, said: “This SPP polling suggests that, while consolidation and scale remain important issues for the pensions industry, professionals see the ability to assess and improve value for money as the most significant lever for delivering better outcomes for members.

“The findings underline the importance of looking beyond simply the size or structure of pension schemes and focusing on what really matters to savers: the value they receive, the quality of their pension provision and ultimately the outcomes they achieve in retirement.”

The event, attended by more than 100 pension professionals, explored the role of consolidation, scale and contractual overrides in delivering better outcomes for savers.

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