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Independent Governance Committee
We are committed to helping our customers get the best possible outcomes at retirement and support the Financial Conduct Authority’s (FCA) requirement to establish an Independent Governance Committee (IGC). The Scottish Widows IGC was set up in 2015.
What is the IGC?
The IGC is a body of experts who maintain a direct relationship with the FCA. The IGC hold product providers to account on behalf of those saving in a workplace personal pension scheme and policyholders invested in pathway solutions for pension drawdown.
A majority of IGC members and the Chair must be independent and the committee should consist of a minimum of five members.
Here is a short infographic video providing information on the IGC’s role and responsibilities, how it oversees the way Scottish Widows looks after member’s retirement savings and how it assesses whether Scottish Widows are offering members value for money.
IGC members
Anna Bradley (Chair)
Mark Thompson
Charles Counsell
Oke Eleazu
Graeme Bold
Maria Herrero Bullich
What does it do?
The committee’s objectives are to;
- act in members’ interests by assessing and reporting on the value for money delivered by Scottish Widows Group Personal Pensions, Group Stakeholder Pensions and investment pathway solutions for pension drawdown
- consider and report on Scottish Widows policies on environmental, social and governance (ESG) issues, member concerns and stewardship, for the policies that the IGC oversee
- publish an annual report setting out the assessment of the value for money delivered by Scottish Widows
- identify areas for improvement and make recommendations to the Scottish Widows Board
- escalate any concerns to the FCA, and bring them to the attention of customers, in the event that Scottish Widows fails to address these concerns appropriately.
You’ll find more information about the outcome of our assessment, as well as about us and what we do in the sections below:
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Independent Governance Committee Members (PDF, 175KB)
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The modern product book includes Group Self-Invested Personal Pension, Group Personal Pension and Group Stakeholder Pension products. Together, these represent around 95% of the customers overseen by the Independent Governance Committee (IGC).
The products included are:
- Scottish Widows Group Personal Pension (GPP) - schemes set up after February 2003
- Scottish Widows Group Stakeholder Pension (GSHP) - schemes set up after April 2003
- Scottish Widows Group Personal Pension (GPP) - schemes set up between 29 July 2000 and 4 February 2003
- Retirement Saver - Group Self-Invested Personal Pension (GSIPP), acquired from Zurich UK on 3 April 2018
The IGC has rated the modern product book as green for Value for Money. More information is available in the Annual Chair’s Report (PDF, 2MB).
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The older-style product book includes Scottish Widows, Clerical Medical and Halifax Financial Services Group Personal Pension and Group Stakeholder Pension products. Together, these represent around 3% of the customers overseen by the Independent Governance Committee (IGC).
The products included are:
- Scottish Widows Group Personal Pension (GPP) - schemes set up between 24 February 1997 and 29 July 2000
- Scottish Widows Group Personal Pension (GPP) - schemes set up between 1 January 1995 and 30 May 1997
- Scottish Widows Pension builder - schemes set up between 1988 and 2001
- Clerical Medical and Halifax Financial Services Group Personal Pension and Group Stakeholder Pension products.
The IGC has rated the older-style pension book as amber for Value for Money. More information is available in the Annual Chair’s Report (PDF, 2MB).
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Investment pathways are available to customers who want help choosing an investment option when they access their pension savings.
These products represent around 2% of the total customer base overseen by the Independent Governance Committee (IGC).
The products included are:
- Scottish Widows Retirement Account - an investment pathway-only product, launched in December 2020
- GSIPP - a modern product, with investment pathways launched in February 2021
- GPP - a modern product, with investment pathways launched in 2023
- Scottish Widows older-style product - with investment pathways launched in July 2021
The IGC has rated the investment pathways as amber/green for Value for Money. More information is available in the Annual Chair’s Report (PDF, 2MB).
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Independent Governance Committee Terms of Reference (PDF, 105KB)
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Independent Governance Committee annual report 2024/25 (PDF, 1.4MB)
Independent Governance Committee annual report 2023/24 (PDF, 900KB)
Independent Governance Committee annual report 2022/23 (PDF, 1MB)
Independent Governance Committee annual report 2021/22 (PDF, 3MB)
Independent Governance Committee annual report 2020/21 (PDF, 3MB)
Independent Governance Committee annual report 2019/20 (PDF, 2MB)
Independent Governance Committee annual report 2018/19 (PDF, 2MB)
Value for money
We recently reviewed the value for money some of our older style Group Personal Pensions and Group Stakeholder Pensions offer. We've looked at charges our customers and former scheme members pay, and have made improvements by reducing the effect of charges on the affected pension plans. Please visit Value for Money to find out more.
Costs and charges
The Scottish Widows Independent Governance Committee (IGC) is required by the Financial Services Authority (FCA) to provide our customers with the costs and charges of their Workplace Savings Schemes default investment option, and any wider range of available investments.
Any questions for feedback?
If you have any comments, questions or concerns in relation to the work of the Scottish Widows IGC, please send us an e-mail.