Independent Governance Committee publishes annual report
The first annual report of ReAssure’s Independent Governance Committee (IGC) is published.
The industry regulator, the Financial Conduct Authority (FCA), requires pension providers to ensure independent oversight is in place for workplace personal pension plans. As a result an IGC was established in April 2015. It acts solely in the interests of policyholders to help ensure members of workplace personal pension plans get value for money.
The IGC’s first annual report was published in April 2016. In summary it found that a good range of funds are available to members and that service standards have consistently met targets, leading to good customer satisfaction levels. Customers wishing to take benefits at retirement age are well served with annuities provided through a panel of leading providers, new online tools and products supporting access to pension flexibility.
The committee did identify some areas where value for money should be improved, specifically on older products. As a result ReAssure is making some alternative product options and new low-cost funds available to all its customers and is writing to them to encourage them to make changes to their policy where appropriate.
