As part of a review of defined contribution workplace pensions by the Office of Fair Trading in 2013 and the subsequent regulatory changes introduced by the Financial Conduct Authority (FCA) from April 2015, all workplace pension providers are required to establish an Independent Governance Committee (IGC).
Accordingly, an IGC has been established by Old Mutual Wealth Life Assurance Limited and Old Mutual Wealth Life & Pensions Limited (Old Mutual Wealth) to act independently of Old Mutual Wealth.
You will find the Terms of Reference of the IGC here.
The key duties are to:
- Act in the interests of relevant policyholders.
- Assess the value for money of our workplace pension schemes, raise and escalate their concerns to us and if required, the FCA, if they feel we have not responded appropriately. They may also communicate their concerns to relevant policyholders.
- Evaluate the quality of benefits, services and governance standards to ensure alignment with the interests of relevant policyholders.
- Produce an annual report of its findings.
Old Mutual Wealth’s responsibilities are to:
- Ensure the IGC act in accordance with its Terms of Reference, provide all information reasonably requested and sufficient resources for the IGC to carry out its role independently.
- Take reasonable steps to address concerns raised and facilitate escalation of such concerns by the IGC to the relevant Boards.
- Provide the IGC with the information it needs to enable the IGC to carry out its assessment of value for money.
The IGC’s second annual report is now available and includes:
- The IGC’s assessment on the value for money that Old Mutual Wealth’s scheme provides.
- Any concerns raised with Old Mutual Wealth and our responses to them.
- How the IGC has sufficient expertise, experience and independence to act in the relevant policyholders interests.
If you are an ex member of staff, please contact the IGC via the email address below and we will arrange for a copy to be sent to you.
If you wish to provide any feedback to the IGC, you can do so by emailing the IGC directly at IGCenquiries@omwealth.com
Members of the IGC
- Richard Butcher – Independent Committee Chairman
- Mark Latimour – Independent Committee Member
- Ian Costain – Independent Committee Member
- Jonathan Greer – Old Mutual Wealth Representative
- John Mitchell – Old Mutual Wealth Representative