In response to feedback that employers would like better access to its independent governance committee, Scottish Widows gave employee benefit consultants and corporate advisers the opportunity to submit questions directly to the panel
Since April 2015, all providers of workplace schemes have been required to establish an independent governance committee (IGC).
Their key objective is to act in members’ interests by assessing and reporting on the value for money delivered by contract-based workplace savings schemes and, as the amount of money being paid in as a result of auto-enrolment increases, raise consumer confidence in pension schemes.
Following the publication of the first annual report by Scottish Widows IGC, the provider received requests from advisers and employers to meet with the IGC and question them further. As part of its commitment to work openly with advisers, employers and scheme members, Scottish Widows gave advisers the opportunity to submit questions directly to the IGC. John Greenwood, editor at Corporate Adviser, agreed to be question master. The event was filmed and is available to watch here.
Pete Glancy, head of industry development at Scottish Widows, says: “If IGCs are to succeed in raising levels of customer confidence it’s important that customers, and those who advise customers, can get the best feel possible for who’s on the IGC and how they go about doing their job. This is a good window into the work of an IGC and well worth a look.”
Babloo Ramamurthy, independent chairman, Scottish Widows IGC, said: “As an IGC, we want to be as transparent as possible and address the questions and issues raised by advisers, employers and customers. We hope this video will address some of those questions and encourage members to become more actively engaged with their pensions.”