Wouldn’t it be great if there was a simple measure of whether a pension scheme was worth investing in? It’s not just a case of which scheme charges the least. Quality of service is also important and so is the performance of investments.

All this is the aim of the Value For Money framework. The government hopes the VFM measure will help those running pension schemes to improve, encouraging competition and driving under-performing schemes from the market.

Which all sounds like good news. But coming up with the right way to measure VFM is a hot topic. Which is why Phil Brown met up with Darren Philp, policy expert and self-confessed pension geek.