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.
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 annual report 2019, which I encourage you to read, is available below. This includes:
As the full report runs to over 80 pages, we have provided a summary.
Annual report of workplace personal pensions 2018-2019.
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 2019-2020 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 the summary of our previous three reports they are available below:
Independent Governance Committee's full terms of reference.
As of the 25th of April 2019, we have made some changes to our IGC to ensure a consistent governance approach for Standard Life Assurance Limited workplace customers and Phoenix Life workplace customers.
The members of the IGCs have been selected in order to include:
Mike is an independent member of the IGC and has worked in the insurance industry with an involvement in pensions for over 40 years both with insurance companies and employee benefit advisors.
He is currently Chairman of Mobius Life a platform for Occupational Pension Scheme assets and a Non-Executive Director of Forester Life. He was a partner of KPMG and lead the development of the Insurance Consulting practice. He also served until recently on the Boards of Lloyds Bank Insurance businesses including Scottish Widows.
Michael joined Standard Life as a trainee actuary in 1986 and has held a number of management positions during his career. He is currently the business sponsor for the Pensions Transformation Programme, and a director of Standard Life Trustee Company Limited. Outside of Standard Life, he is a non-executive director of the Royal Blind charity and trustee chair of the ABI staff pension scheme.
Mike is a qualified actuary who has been with Phoenix for over 25 years having originally joined Britannic Assurance. His current role is focused on the integration of certain parts of Phoenix’s acquired businesses into Phoenix and other strategic projects.
Mike previously worked in Finance and was responsible for financial planning and forecasting. He also has experience in product development and a variety of projects including some of the group's early acquisitions and restructuring activities.