INDEPENDENT GOVERNANCE COMMITTEE

Workplace Savings

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.

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.

Workplace Savings

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