INDEPENDENT GOVERNANCE COMMITTEE
- 2 minutes
- Workplace Savings
- March 2021
We are committed to helping our customers get the best possible outcomes at retirement and support the Financial Conduct Authority’s (FCA) requirement to establish an Independent Governance Committee (IGC). The Scottish Widows IGC was set up in 2015.
What is the IGC?
The IGC is a body of experts who maintain a direct relationship with the FCA. They hold product providers to account on behalf of those saving in a workplace personal pension scheme and from April 2020, policyholders invested in pathway solutions for pension drawdown.
A majority of IGC members and the Chair must be independent and the committee should consist of a minimum of five members.
The members are:
- Mark Stewart (Chair)
- Ciaran Barr
- Clare Salmon
- David Butcher
- Jackie Leiper
- Iain McGowan
What does it do?
The committee’s objectives are to;
- act in members’ interests by assessing and reporting on the value for money delivered by Scottish Widows Group Personal Pensions, Group Stakeholder Pensions and investment pathway solutions for pension drawdown
- consider and report on Scottish Widows policies on environmental, social and governance (ESG) issues, member concerns and stewardship, for the policies that IGCs oversee
- publish an annual report setting out the assessment of the value for money delivered by Scottish Widows
- identify areas for improvement and make recommendations to the Scottish Widows Board
- escalate any concerns to the FCA, and bring them to the attention of customers, in the event that Scottish Widows fails to address these concerns appropriately.
You’ll find more information about our IGC, including the members of the committee, in the documents below.
- Independent Governance Committee Members
- Independent Governance Committee annual report 2019/20
- Independent Governance Committee annual report 2018/19
- Independent Governance Committee annual report 2017/18
- Independent Governance Committee Work Plan
- Independent Governance Committee annual report 2016/17
- Value for Money Member Research 2017
- Independent Governance Committee interim update August 2016
- Independent Governance Committee annual report 2015/16
- Independent Governance Committee Terms of Reference
- Summary Guide to the Independent Governance Committee
Costs and charges
Regulations will require the IGC to disclose costs and charges in workplace personal pension schemes. By the 31st July 2021 the committee will report the charges and transaction costs for each default investment option for the year 1st January to 31st December 2020. A default investment option is where your pension was invested if you did not make your own choice.
Please visit this page from 1st August for more information.