In 2015, Standard Life established an Independent Governance Committee to work in the interests of members of its workplace personal pension schemes. The core role of this committee is to assess the value for money provided by the Standard Life schemes.
In the words of the Chairman, the Independent Governance Committee is committed to the development of stronger, higher value pensions products for those saving for retirement and are here to:
If the committee doesn't consider that value for money is being provided we will raise this with Standard Life for their consideration.
Throughout the process if we aren't satisfied with the responses received from them we will escalate this to the Financial Conduct Authority (FCA) and may also communicate our concerns to you and your employer.
We don't deal with individual complaints, but we do want and value feedback. We would like your views on your pension and the service you receive from Standard Life.
These views are an important part of the assessment of value for money from Standard Life schemes – we'll focus on all aspects of the plan across its lifetime to provide a good outcome in retirement.
Our second annual report, which I encourage you to read, is available below. This includes:
As the full report runs to over 40 pages, we have provided a summary.
Annual report of workplace personal pensions 2016-17.
Letter to members and summary report.
Please take a couple of minutes to complete this short questionnaire, this will help us set our priorities for 2017/18 and improve our communications. You can also email the committee directly. Your feedback is crucial to the Independent Governance Committee's success.
If you wish to read our first report this is available here.
The Committee members are introduced below.
Chairman of Independent Governance Committee
Independent Governance Committee's full terms of reference.
Rene PoissonIndependent Committee Chairman
Rene retired after a 30 year career with JP Morgan latterly as Managing Director and Senior Credit Officer for EMEA in September 2012. He has a number of non- executive appointments including as an Independent Director and Chair of the Remuneration Committee of the Universities Superannuation Scheme (USS), Chair of the JP Morgan UK Pension Plan and its Investment Committee, Chair of the Standard Life Independent Governance Committee, Director of the Standard Life Master Trust and Chair of the Advisory Committee of Five Arrows Credit Solutions.
Richard ButcherIndependent Member
Richard is Managing Director of PTL. Richard joined PTL in 2008 and he became Managing Director in 2010. Richard has been involved in pension scheme governance since 1985. PTL are appointed chair of Standard Life's Master Trust board, and Richard acts as their representative. Richard is a Fellow of the Pensions Management Institute (PMI) and is on the PMI Council. He is chair of the Pensions and Lifetime Savings Association (PLSA) DC Council and sits on the PLSA board.
Ingrid KirbyIndependent Member
Ingrid is an independent trustee and investment specialist with Capital Cranfield Pension Trustees Ltd, after 30 years' experience of pension fund investment including 25 years working at Hermes Investment Management for the BT Pension Scheme and other third party clients. She now has a portfolio of trustee roles acting as Sole Trustee, Chair of Trustees, and Co-Trustee encompassing large and small DB/DC arrangements in both commercial and not-for-profit organisations, bringing extensive and in-depth investment expertise to trustee boards and their Investment and DC sub-committees. She is a Fellow of the Chartered Institute for Securities & Investment and a member of the Association of Professional Pension Trustees.
Roger MattinglyIndependent Member
Roger is a Past President of the Society of Pension Professionals having spent his entire career in the pensions industry. He has been a Director of PAN Trustees Limited since 2013 and is now its Managing Director. He served on the board of what was HSBC Actuaries and Consultants for over 20 years. He has been a member of various industry groups including the Pensions Regulators' Stakeholder Advisory Panel, the PLSA's DB and DC Multi employer committees, the House of Commons Pensions Leadership Group and has been a member of several DWP Policy Engagement groups.
Michael CraigStandard Life representative
Michael is the Head of Product and Technical Consultancy at Standard Life and has over 30 years' experience of the UK Life and Pensions industry. He is currently a director of Standard Life Trustee Company Limited, and is a trustee of the Royal Blind and ABI pension arrangements.