Superannuation research house SuperRatings has completed a benchmarking pilot of UK pension funds.
In the quarterly results from parent company, Generation Development Group (GDG), it said the research house had completed a benchmarking pilot of the Pound for Pound initiative in the UK.
“SuperRatings completed the Pound for Pound (£4£) benchmarking pilot, with all six participants receiving tailored Value for Money assessments. Findings from the pilot have been shared with the UK Minister for Pensions and regulators in January.”
The Pound for Pound initiative explores how the UK pensions market can move beyond cost-based comparisons and instead assess performance through broader value-based metrics.
Providers surveyed included Aviva, TPT Retirement Solutions, Legal & General, Smart Pension and NatWest Cushon.
SuperRatings director, Kirby Rappell, also attended a UK roundtable in July to share insights from the Australian superannuation system around benchmarking, transparency and regulatory oversight.
The initiative’s pilot drew on lessons shared by Australia, providing anonymised benchmarking reports to UK schemes and assessing how qualitative and quantitative data can be used to meaningfully assess value.
Zoe Alexander, director of policy and advocacy at Pensions UK, said: “Though no system is perfect, there’s a lot to learn from our colleagues in Australia about their value for money outcomes regime and we look forward to testing this in the UK context.”
Emma Douglas, wealth policy director at Aviva, added: “Getting the value for money framework right is an essential part of shifting the focus in workplace pensions from cost to value. The Pound for Pound initiative gives us the opportunity to test the key metrics in advance and to learn from this, as well as from the Australian experience.”
