Blackett said: ”The framework’s primary aim is to deliver value for savers. This is not in opposition to productive finance.”
When asked about what would happen to smaller schemes which ignored the framework, Blackett said 17 per cent of the smaller schemes TPR had already decided they were not offering value for money and had decided to wind up as a result.
The regulators also ruled out acting autonomously and said they were committed to continuing to work on value of money together.
Blackett said: “We are encouraging everyone [pensions industry] to come to talk to us and to keep talking to us.”
“There is a lot of activity happening in the pension space and we expect this to be the bedrock, not the end of the story.
Trost said both regulators were open to expanding the value for money framework to include personal pensions. “We felt strongly we had to start where most people are saving.”
Samantha Downes is a freelance financial journalist
