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INDEPENDENT GOVERNANCE COMMITTEE

Workplace Savings

  • 2 minutes
  • Workplace Savings
  • July 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 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.

 

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’. 

Any questions or feedback?

If you have any comments, questions or concerns in relation to the work of the Scottish Widows IGC, please send us an e-mail.

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