Value for Members (VfM) requirements

A new Value for Members test is being planned by the government for enforcement from October 2021. This requires trustees of pension schemes with less than £100M of assets test their schemes against the largest UK schemes; including one which is ready and able to take in the smaller scheme membership if necessary. When the smaller scheme is not delivering the same overall value package for members as the larger comparator schemes, these smaller scheme trustees will have to confirm whether they will be transferring members into larger schemes and winding up, or what they are going to do to improve value for members under the existing scheme.

Our self-assessment checklist takes you through the key questions you should be asking and, based on your circumstances, provides you with a steer as to the options you may wish to consider looking into with regards to meeting the upcoming requirements and the future of your scheme.