Independent Governance Committees (IGCs) have been set up by workplace pension providers from April 2015, as part of regulatory changes by the Financial Conduct Authority (FCA) (PDF 1.25MB). The introduction of IGCs will provide greater protection to scheme members and are designed to improve the governance of workplace pensions and help ensure value for money.
The IGC established by Aviva will act solely in the interests of scheme members and will operate independently of Aviva. They will assess, and where necessary, challenge Aviva on the value for money of workplace personal pension schemes.
We are pleased to introduce the Independent Governance Committee, and here we provide details of the role they will play.
Here are the Terms of reference for the IGC.In summary, they will:
The committee will produce and make available an annual report, which shows the work they’ve undertaken. We will host their report on this website as and when they are published.
Inder is a non-executive director, independent pension trustee and an experienced senior executive from the financial services industry. He serves as director of Law Debenture, representing them on the trustee boards of a number of large pension schemes including as chair of investment committees. His expertise includes strong governance, investment strategy and risk management across both DB and DC schemes.
Inder’s career has spanned financial services, business, academia and engineering. Before joining Law Debenture he spent two decades working in banking covering treasury, finance, risk management, pensions and insurance. His last role at Lloyds Banking Group was as Senior Executive with group-wide responsibility for market and liquidity risk and prior to that as Managing Director at Nomura International plc.
His education includes MBA from Cranfield and PhD from Cambridge University.
Robert served as Executive Director and Chief Investment Officer for Royal London for 10 years between 2004 and 2014, developing an investment team which has delivered outstanding investment performance during his time there. In all he has over 30 years of asset management and insurance experience.
Robert has represented the industry with regulators and policymakers on topics such as market structure, corporate governance and company engagement, and until recently chaired the investment committee for the Association of British Insurers and the Asset Management Committee of the Investment Association.
Marcia is an independent non-executive director with over 25 years experience in the financial services industry, encompassing strategy, IT, operations and international development. She is currently on the Board of Canada Life, Sainsbury’s Bank; CNP Assurances, (France’s leading life assurer), and Murray International Trust, a FTSE 250 Investment Trust.
The main part of her executive career was with Standard Life plc, where, latterly, she was a member of the Group Executive Committee responsible for group operations and CEO Asia Pacific.
Craig is a qualified accountant and joined Aviva in 2001. He has held senior roles in Compliance and Finance and was previously Director of Strategy, Portfolio and Business Architecture. Craig was appointed Commercial, Propositions & Change Director, in June 2015 and is responsible for propositions management and pricing.
Currently a director of Pitmans Trustees Limited (PTL) and client director to a portfolio of PTL’s clients. Steve has over 40 years’ experience in the pensions industry and has been involved in trusteeship and governance work since 1991. He has worked for a number of major pension consulting firms. Steve has substantial experience of defined contribution pension schemes, trustee and governance roles including a large Mastertrust and membership of another IGC.
Colin joined AXA, which subsequently became part of Friends Life, in October 2009 as Sales and Marketing Director for Corporate Benefits. Colin is now Managing Director for Workplace Pensions at Aviva, responsible for defining, developing and managing the sales and marketing strategy and creating innovative and market leading propositions to respond to the changing corporate savings market.