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 fourth annual report, 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:
The Committee members are introduced below.
Chairman of Independent Governance Committee
Independent Governance Committee's full terms of reference.
Standard Life representative
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.