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Briefing Note 80 - Independent Governance Committees (IGCs)
Since April 2015, any provider of a contract-based pension scheme has been legally required to set up and maintain an Independent Governance Committee (IGC). The committees are independent from the provider and assess and raise concerns on behalf of members. If the provider does not act on the concerns raised, the IGC has the power to escalate issues to the Financial Conduct Authority (FCA).
This Briefing Note provides a background to the development of IGCs and looks at the key themes emerging from their first 12 months of operation and what they expect may emerge during their 2nd year. Information was garnered from an on-line survey.
The PPI survey identifies a consistent picture of the process details and make-up of IGCs. The main challenges include:
- Definition, assessment and measurement of value for money;
- Understanding transaction costs and charges;
- Legacy schemes.
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