Member

46A: Clause 11, page 13, line 20, at end insert— “(4A) Value for money regulations must take account of—(a) a VFM assessment over 3, 5 and 10 years;(b) the nature and spread of assets and their purpose in the portfolio including diversity, stability and risk management;(c) the characteristics of the members of the scheme;(d) whether comparisons, benchmarking, scaling and advisory consensus risk herding, market movements, lack of diversity or systemic risk;(e) fee structuring, including performance fee management and inter-cohort fairness, including managing how the J-curve effect and consolidation can shift costs or benefits between different cohorts of pensioners.”