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Independent Governance Committee
We are committed to helping our customers get the best possible outcomes at retirement and support the Financial Conduct Authority’s (FCA) requirement to establish an Independent Governance Committee (IGC). The Scottish Widows IGC was set up in 2015.
What is the IGC?
The IGC is a body of experts who maintain a direct relationship with the FCA. The IGC hold product providers to account on behalf of those saving in a workplace personal pension scheme and, policyholders invested in pathway solutions for pension drawdown.
A majority of IGC members and the Chair must be independent and the committee should consist of a minimum of five members.
Here is a short infographic video providing information on the IGC’s role and responsibilities, how it oversees the way Scottish Widows looks after member’s retirement savings and how it assesses whether Scottish Widows are offering members value for money.
IGC members
Anna Bradley (Chair)
Clare Salmon
Emma Watkins
Graeme Bold
Mark Thompson
Charles Counsell
What does it do?
The committee’s objectives are to;
- act in members’ interests by assessing and reporting on the value for money delivered by Scottish Widows Group Personal Pensions, Group Stakeholder Pensions and investment pathway solutions for pension drawdown
- consider and report on Scottish Widows policies on environmental, social and governance (ESG) issues, member concerns and stewardship, for policies that the IGC oversee
- publish an annual report setting out the assessment of the value for money delivered by Scottish Widows
- identify areas for improvement and make recommendations to the Scottish Widows Board
- escalate any concerns to the FCA, and bring them to the attention of customers, in the event that Scottish Widows fails to address these concerns appropriately.
You’ll find more information about our IGC, including the members of the committee, in the documents below.
Independent Governance Committee Members (PDF, 3KB)
Independent Governance Committee chair’s statement 2023/24 (PDF, 63KB)
Independent Governance Committee annual report 2023/24 (PDF, 4MB)
Independent Governance Committee Terms of Reference (PDF, 106KB)
Summary Guide to the Independent Governance Committee (PDF, 61KB)
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Independent Governance Committe annual report 2022/23 (PDF, 1.25MB)
Independent Governance Committee annual report 2021/22 (PDF, 4MB)
Independent Governance Committee annual report 2020/21 (PDF, 4MB)
Independent Governance Committee annual report 2019/20 (PDF, 3MB)
Independent Governance Committee annual report 2018/19 (PDF, 2MB)
Value for money
We recently reviewed the value for money some of our older style Group Personal Pensions and Group Stakeholder Pensions offer. We've looked at charges our customers and former scheme members pay, and have made improvements by reducing the effect of charges on the affected pension plans. Please visit Value for Money to find out more.
Costs and charges
The Scottish Widows Independent Governance Committee (IGC) is required by the Financial Services Authority (FCA) to provide our customers with the costs and charges of their Workplace Savings Schemes default investment option, and any wider range of available investments.