The Royal London Independent Governance Committee (IGC) annual report for 2015 is an independent report into the value for money provided by Royal London’s workplace pensions. It considers the benefits and quality of the pensions provided, not just their costs.
Phil Green, Chair of the Royal London IGC, said:
We believe that Royal London offers a high quality proposition but we do have a few recommendations based on our analysis of the value for money provided. These proposals mainly impact legacy scheme members who should benefit from improved terms to their pension policies in the near future.
Royal London has agreed to act quickly to implement our recommendations and it is estimated that the cost of the changes proposed and agreed will be over £15 million. This represents a reduction of the charges on the affected workplace pensions contracts of over 20%.
The changes are expected to benefit over 27,000 workplace pension members.
Royal London was pleased that the Committee found that the vast majority of our customers were getting value for money from their workplace pension.
See full details of the findings in the IGC annual report 2015.