Last year, Royal London’s Independent Governance Committee, published its first report and set out some initial recommendations and proposed improvements to Royal London’s workplace pensions.
The second annual report, published today, indicates Royal London has made good progress and continues to provide value for money to its workplace pension customers.
In his introduction to the report, Phil Green, Chairman of the IGC said:
The IGC is confident that the actions Royal London have taken to date and those planned for the future will result in better short, medium and long term benefits for customers. We will continue to work with Royal London on seeking improvements for workplace customers and will ensure that all costs are appropriate and that developments are in line with the emerging requirements including best practices.
The IGC also focused on gaining a better understanding of Royal London’s workplace customers, and what value for money means to them. They also worked closely with Royal London to improve the measurement and reporting of transactional costs. Transaction costs and customer engagement will continue to be a focus for the IGC in 2017. In a press release today, Royal London’s Director of Policy, Steve Webb said:
The Royal London IGC continues to provide a valued source of challenge and debate with the business. As a member-owned business, responding to the needs of our customers is a top priority and we have learned a lot during 2016 about what our customers want from a pension provider, including good governance and clear communications.