“PSIT was chosen because of their knowledge of the subject and awareness of our particular schemes.”
“I enjoy working with PSIT and we have a very positive relationship. I was new to pensions and found them very helpful.”
“Excellent service - as expected and why PSIT was chosen.”
“PSIT were overall more professional than others.”
“The work that has been done has been delivered beyond expectations.”
“Their pragmatic approach helps with quick and easy decision making. Another approach might have made things more difficult.”
The requirement applies to all providers of contract-based workplace pension schemes, including group personal pensions (GPPs), group stakeholder pension schemes and group self invested personal pensions (group SIPPs).
The type of pensions governance committee you need depends on how large and complex the scheme you operate is.
These governance committees will act in the interests of pension members, assess the workplace pension scheme's value for money and, when needed, raise independent challenge to you, the scheme provider.
Independent Governance Committees (IGCs) must have a minimum of five members, including an independent chair.
Providers of smaller, less complex schemes may appoint an independent third party to act as a Governance Advisory Arrangement (GAA).
We can also provide professional secretarial services to pension scheme governance committees to ensure they are run efficiently, decisions are accurately recorded and actions are promptly followed up and managed.
To find out more about how we can help your IGC or GAA be truly effective, please contact us to talk it through.
Compliance, enforcement & penalties: a warning to trustees
Governance challenges faced by DC schemes and what value for money actually means
Find out more about Independent Governance Committees
More details about Governance Advisory Arrangements
Making them valuable and effective for employers and members