“They deliver above expectation when the scheme has a particular challenge.”
“The trustee training was a very well-paced overview which gave opportunity to explore ideas and question more deeply at key points.”
“PSIT were overall more professional than others.”
“Mike is a great secretary. He does a really good job for us.”
“They have helped us save much more and created a cohesive plan to de-risk whilst building an integrated pension team.”
“Very professional and engaged service.”
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