From April 2015, firms providing workplace personal pension schemes (contract-based arrangements) must have an Independent Governance Committee (IGC) in place to ‘act in the interests of relevant policy holders’ and to provide credible and effective challenge on value for money offered to members by the firms contract based arrangement(s).
These duties include:
There are also explicit duties placed on organisations, for example, to:
To fulfill their duties, both IGCs and organisations will want to be confident that they have established systems and controls that mitigate key risks, adopt industry good practices and meet regulatory expectations through having a robust governance framework in place.
Our advisory services include:
We also advise you on the scope of regulatory changes and impact.
We help Independent Governance Committees respond to changes in the contract market.