Prudential's Independent Governance Committee
To make sure we offer customers value for money, like all who offer workplace contract-based plans, we answer to an independent group called the Independent Governance Committee (IGC). This group of people represent your interests and act on your behalf by watching over what we do, and how we do it.
The IGC publishes an annual report which provides customers with the Committee’s opinion on the value for money delivered by their plans. You can read the latest Chairman's report.
This report is complemented by our FAQ: "Your Questions Answered".
You can also read our Chairman's previous reports:
The IGC also invite you to find out more about the impact of costs and charges on your investments.
Or learn more about the IGC’s responsibilities, in their terms of reference.
Leave us some feedback – tell us what you want from the IGC.
- Where pension plans have a default investment, the committee makes sure the default option delivers policyholders value for money
- It looks at the various investment strategies we adopt to make sure they are reasonable
- It questions how we administer plans to make sure we process transactions quickly and correctly
- It examines the charges we pass to customers and what it costs us to invest in our various funds
- To consider Prudential's policies and practices in relation to Environmental, Social and Governance issues (ESG) and to listen to members concerns
- It assesses the value offered by Investment Pathway solutions for pension drawdown
- To act solely in customers' interests
- To assess, and where needed, challenge Prudential Assurance Company to make sure our workplace pension plans offer value for money. As part of this, the committee produces an annual report of opinion about how well we have performed
The IGC’s current approach to VfM takes account of a range of factors:
- Costs and Charges
- Investment performance
- Environmental and Social Governance
- Customer Service
- Customer Communications and Engagement
These have been weighted to reflect the Committee’s view that what ultimately matters is the outcome for Members.
The full VfM framework can be found in the annual Chairman's report.
The people behind our IGC
Our IGC members were chosen for their experience, interest, skill, knowledge and high industry profile.