FCA final rulings for IGCs
4 February 2015
Jeremy Towler, DC Pensions regulatory specialist, Deloitte:
“The introduction of independent governance committees (IGCs), as outlined in today’s FCA Policy Statement, will come as an additional safeguard to help protect members of workplace personal pension schemes. At a time of significant change for the pensions industry, it is essential schemes are seen to be providing members with value for money for the continued success of automatic enrolment. IGCs will help ensure all workplace pension scheme members are represented by an independent body who will act in their interests in reviewing how schemes are being run.”
“IGCs introduce a more level playing field across trust and contract-based schemes and their activities are likely to prove similar to those undertaken by trustees of master trust arrangements. Providers’ willingness to work collaboratively with the committees could also be a determining factor of their success. It is therefore essential that appointed IGC members have the right levels of skills and experience to perform their duties effectively and firms allow them sufficient access to review value for money within their schemes. Although launch is scheduled for April, the tight implementation timetables mean IGCs’ ways of working and methodologies across the industry are likely to evolve over the next two years.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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