The Pensions Regulator (TPR) director of defined contribution and master trust supervision, Kim Goodall-Brown, has said the watchdog remains focused on improving member outcomes as the defined contribution (DC) market matures, speaking at the recent DC and Financial Wellbeing Conference.

In conversation with former Pensions Minister and LCP partner, Steve Webb, Goodall-Brown discussed TPR’s work with the Financial Conduct Authority (FCA) on Value For Money (VFM) requirements and the importance of measuring value consistently using agreed-upon metrics.

She also made clear that these changes should not “dilute” the role of trustees.

The proposed VFM framework would require DC schemes to disclose standardised data on performance, costs and service, alongside a rating system to compare value across arrangements.

Looking ahead to 2030, Goodall-Brown set out her hopes for the future, with a focus on better-run schemes, greater value and innovation to strengthen member outcomes.

The discussion also highlighted a move towards fewer, larger and better‑run schemes, while recognising that schemes run by a single employer can also have benefits.

Goodall-Brown said there was an opportunity to make better use of the influence of a small group of decision makers within these structures, especially by using data and research more effectively to improve outcomes for members.

“As the DC market moves into its second act, the focus is firmly on improving member outcomes and what savers ultimately receive,” she continued.

“Value for money is a key part of that, helping to provide greater clarity and consistency across the market, but it needs to work alongside trustee judgement, not replace it.”

In response, LCP partner, Helen Shackelford, welcomed the regulator’s “strong focus” on improving member outcomes and its ongoing work with the wider industry as the proposals develop.

Shackelford added: “We hope this dialogue continues, as getting the balance right will be crucial to ensuring the framework delivers real benefits for savers.”

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