Today, the Chairs of the Aviva and Friends Life Independent Governance Committees publish their first annual reports.
The purpose of these committees is to challenge Aviva and Friends Life over the value for money received by members of defined contribution workplace pension schemes.
The reports explain to scheme members the committees’ views on:
- what they mean by value for money
- how they’ve gone about assessing this
- whether they believe members are getting value for money, and
- what they’ll be looking at in 2016.
Find out what the reports say
The reports cover the work carried out by the Independent Governance Committees (IGC) from April 2015 to December 2015. There is one report for Aviva and another for Friends Life.
Inderpreet S Dhingra, Chair of the Aviva Independent Governance Committee
“People need confidence that their savings are well looked after and that they are getting value for money. It is precisely with this aim in mind that we set about our work.
“In this, my first IGC report, I am pleased to summarise all the work we have done on behalf of pension savers entrusting their savings with Aviva. This includes both challenging and supporting Aviva to help reduce charges, improve services and to generally ensure value for money (VFM) is being delivered from many perspectives. We have agreed a framework for judging VFM and will be working with Aviva to ensure it is fully embedded and applied going forward.”
Steve Carrodus, Chair of the Friends Life Independent Governance Committee
“My first annual report as Chair of the Friends Life IGC sets out the work we have done as a committee so far. The Friends Life legacy pensions business is extremely complex and we have undertaken detailed investigations into a number of areas.
“I am pleased that we have made good progress in reducing charges for members, particularly in response to the Independent Project Board report findings, and in setting the framework for how we will assess value for money (VFM). Whilst we have made a good start on the VFM assessment, there is more work to do in the coming year, particularly in respect of group scheme leavers.”