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.
Independent Governance Committee - How effective is yours?
Governance Advisory Arrangements -How effective is yours?
Trustee board effectiveness questionnaire
1,001 reasons to equalise GMP
4 tips to tackle poor pensions governance
DC section transfer to master trust - RSPCA Pension Scheme
Is it time to consider fiduciary management?
Risk & Scheme Funding Forum
UK fiduciary managers wrangle with LDI fallout
Why protecting against cyber crime must be high on the agenda for UK pension schemes