What's the IGC?
22 March 2016
If your scheme is set up on a contract basis with Prudential, your scheme will be covered by our Independent Governance Committee (IGC). This has been a regulatory requirement since April of last year.
The IGC plays an essential role in watching over non-trust based workplace pensions and is entirely independent of the pension scheme provider - acting solely on behalf of members.
The IGC considers the suitability of default pension funds, investment strategies and the standards of administration. It boils down to whether the provider offers value for money, for members of these schemes.
Each year the IGC is required to publish a Chairman’s Statement about how the provider has performed over the year, including any actions which need to be taken as a result.
Other articles in this Corporate Pensions Oracle explain the steps Prudential are taking, based on the IGC’s feedback, and the other significant developments planned for our workplace pensions schemes.
Please take a look at our dedicated IGC Hub or through our page links below:
- Find more information
- Watch the IGC video
- Read the full IGC Report on workplace pensions by Prudential
- Read our ‘Questions and Answers’ document
Also, please complete our online questionnaire - What do you want from your IGC.
If you have any questions, please get in touch by calling 0800 1513941 or email us at: Corporate.Pension.Enquiries@Prudential.co.uk