Overview
- Defined contribution schemes would be required to publish clear data on performance, charges and service quality under the proposals.
- A new four‑colour rating — red, amber, light green and dark green — would signal value, replacing the current three‑colour approach.
- Schemes judged poor value would have to improve or move savers to better performers, a step expected to drive consolidation.
- Forward‑looking 10‑year return projections could be used alongside historical results, with the FCA acknowledging risks of unrealistic assumptions and potential gaming and seeking safeguards.
- The framework targets roughly 16 million DC members, with consultation open until March 8, 2026 and final rules contingent on feedback and the Pension Schemes Bill becoming law.