INDEPENDENT GOVERNANCE COMMITTEE
Workplace Savings
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
Emma Watkins
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 the IGC 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 (PDF, 3MB)
- Independent Governance Committee annual report 2020/21 (PDF, 3MB)
- Distribution of Costs and Charges by Employer Arrangement (PDF, 115KB)
- Independent Governance Committee Work Plan (PDF, 121KB)
- Independent Governance Committee Terms of Reference (PDF, 105KB)
- Summary Guide to the Independent Governance Committee (PDF, 60KB)
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- Independent Governance Committee annual report 2019/20 (PDF, 2MB)
- Independent Governance Committee annual report 2018/19 (PDF, 2MB)
- Independent Governance Committee annual report 2017/18 (PDF, 2MB)
- Independent Governance Committee annual report 2016/17 (PDF, 575KB)
- Value for Money Member Research 2017 (PDF, 2MB)
- Independent Governance Committee interim update August 2016 (PDF, 101KB)
- Independent Governance Committee annual report 2015/16 (PDF, 509KB)
Costs and charges
The Independent Governance Committee (IGC) is required to report the administration charges (including investments charges) and transaction costs for each Default Investment Arrangement made available to workplace pensions customers. The costs and charges information must be reported for the year 1st January to 31st December 2020. Customers will be invested in a Default Investment Arrangement when they first join their employers workplace pension scheme, or where they haven’t made an investment choice of their own since.
Some of the information below can also be found in the IGC annual report for 2020/21.
Scottish Widows provides a variety of Workplace Pension schemes. The right information for you will depend on whether the pension plan starts with either a ‘P’ or a ‘ZU’.
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You will find details of the investment charges and transaction costs for our Default Investment Arrangements in the document below.
Retirement Saver and Group Stakeholder Personal Pension 2020 (PDF, 168KB)
To help you understand how costs and charges can reduce a pension pot over time we have provided a range of examples below. Please select the one which is closest to your own circumstances.
SW: Passive Interim Lifestyle (PDF, 178KB)
Includes the following funds:
- SW Passive Multi-Asset V CS1
- SW Passive Multi-Asset IV CS1
- SW Passive Multi-Asset III CS1
- SW Passive Multi-Asset II CS1
- SW Passive Annuity Purchase CS1
- SW Money Market CS1
SW: Passive Interim Lifestyle (PDF, 190KB)
Includes the following funds:
- SW Passive Multi-Asset V CS3
- SW Passive Multi-Asset IV CS3
- SW Passive Multi-Asset III CS3
- SW Passive Multi-Asset II CS3
- SW Passive Annuity Purchase CS1
- SW Money Market CS1
Default Drawdown Lifestyle Strategy - Equity 50%-80% (PDF, 195KB)
Includes the following funds:
- JLR Mixed Asset - Equity 50%-80% Fund
- JLR Target Drawdown Fund
- JLR Money Market Fund
SW Mercer Target Annuity Retirement (PDF, 190KB)
Includes the following funds:
- SW Mercer Growth 4 CS2
- SW Mercer Target Annuity 2030 Retirement CS2
- SW Mercer Target Annuity 2029 Retirement CS2
- SW Mercer Target Annuity 2028 Retirement CS2
- SW Mercer Target Annuity 2027 Retirement CS2
- SW Mercer Target Annuity 2026 Retirement CS2
- SW Mercer Target Annuity 2025 Retirement CS2
- SW Mercer Target Annuity 2024 Retirement CS2
- SW Mercer Target Annuity 2023 Retirement CS2
- SW Mercer Annuity Retirement CS2
SW Mercer Target Drawdown Retirement (PDF, 190KB)
Includes the following funds:
- SW Mercer Growth 4 CS2
- SW Mercer Target Drawdown 2030 Retirement CS2
- SW Mercer Target Drawdown 2029 Retirement CS2
- SW Mercer Target Drawdown 2028 Retirement CS2
- SW Mercer Target Drawdown 2027 Retirement CS2
- SW Mercer Target Drawdown 2026 Retirement CS2
- SW Mercer Target Drawdown 2025 Retirement CS2
- SW Mercer Target Drawdown 2024 Retirement CS2
- SW Mercer Target Drawdown 2023 Retirement CS2
- SW Mercer Drawdown Retirement CS2
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You will find details of the investment charges and transaction costs for our Default Investment Arrangements in the document below.
Group Personal Pensions and Group Stakeholder Personal Pension 2020 (PDF, 151KB)
To help you understand how costs and charges can reduce a pension pot over time we have provided a range of examples below. Please select the one which is closest to your own circumstances.
Scottish Widows Pension Investment Approach - Adventurous (Targeting Flexible Access) (PDF, 183KB)
Includes the following funds:
- Pension Portfolio 1
- Pension Portfolio 2
- Pension Portfolio 3
- Pension Portfolio 4
- Pension Portfolio 5
Scottish Widows Pension Investment Approach - Balanced (Targeting Flexible Access) (PDF, 181KB)
Includes the following funds:
- Pension Portfolio 2
- Pension Portfolio 3
- Pension Portfolio 4
- Pension Portfolio 5
Scottish Widows Pension Investment Approach - Cautious (Targeting Flexible Access) (PDF, 181KB)
Includes the following funds:
- Pension Portfolio 3
- Pension Portfolio 4
- Pension Portfolio 5