Protecting the interests of workplace scheme members

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

The Independent Governance Committee is committed to the development of stronger, higher value pensions products for those saving for retirement and are here to:

  • Speak up for you

    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.

  • Listen to you

    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

    Our annual report 2019, which I encourage you to read, is available below. This includes:

    • Our opinion on the value for money provided by Standard Life
    • Our consideration of your feedback
    • The concerns raised with Standard Life and how they responded

    As the full report runs to over 80 pages, we have provided a summary.

    Annual report of workplace personal pensions 2018-2019.Annual report of workplace personal pensions 2018-2019.

     Full annual report

    Letter to member and summary report.Letter to members and summary report.

     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.

 Terms of reference (PDF, 65KB)

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:

  • Sufficient depth of knowledge and experience in the various performance areas that contribute to the value for money assessment (for example; investments, customer service, customer communications)
  • An appropriate blend of activity and experience across the pensions and wider financial services industry (for example; pension trustee experience, life office experience).
  • Meet the Committee Members