The UK’s Financial Conduct Authority (FCA) is consulting on a proposed adjustment to pension charges: it plans to exclude certain performance-linked fees within its regulated workplace pension default funds from the charge cap, providing greater flexibility for investments in private equity, venture capital, and private credit. The FCA emphasized that any fee increases must be supported by demonstrable added value, and it intends to introduce accompanying safeguards including transparency, fair fee allocation among savers, and reviews of private asset valuations. The exemption will be an optional arrangement rather than mandatory. The consultation runs until January 14, 2027, and the FCA currently expects to formulate final rules in the summer of 2027 after considering feedback; this proposal does not yet constitute enacted rules.