Prudential UK appoints Lawrence Churchill CBE as inaugural Chair of new Independent Governance Committee
04 March 2015
Prudential UK (“Prudential”) has announced today the appointment of Lawrence Churchill CBE1 as the inaugural Chair of its new Independent Governance Committee (“IGC”)2.
Prudential’s newly-established IGC will provide an independent assessment of the on-going value for money of all contract-based defined contribution workplace pension schemes issued by, or reinsured into, Prudential Assurance Company Ltd (“PAC”).
The IGC will comprise a minimum of five members, the majority of whom, including the Chair, are independent of Prudential. The Committee is constituted by the Board of Directors of PAC and will meet at least quarterly. Further appointments to the Prudential IGC will be announced in due course.
Mr Churchill is currently Chairman of the Financial Services Compensation Scheme (“FSCS”), a non-executive director of BUPA, a Trustee of the International Longevity Centre (UK), and a Governor of the Pensions Policy Institute. He has previously held a number of non-executive and executive roles including Chairman of NEST Corporation, Chairman of the Pensions Protection Fund and was formerly Chief Executive of UK, Irish and International Life at Zurich Financial.
Commenting on the appointment, Jackie Hunt, Chief Executive of Prudential UK, Europe & Africa, said: “Lawrence has held many high-profile non-executive and executive roles and brings a wealth of financial services and pensions experience to the newly formed
Customers are at the heart of what we do at Prudential and we are passionate about treating our customers fairly. We have established our IGC ahead of the new Financial Conduct Authority rules being introduced in April 2015 and I believe that the independent oversight from Lawrence and the Committee will enable us to maintain the highest standards of good governance.
“We are committed to continually demonstrating that our pensions schemes deliver on-going value for money for members and the IGC will play a critical role in helping us in this endeavour.”
Lawrence Churchill CBE said: “I am delighted to be appointed as Chair of the new Independent Governance Committee for Prudential. The creation of this Committee will provide an independent assessment of the quality of schemes and provide assurance to Prudential’s customers that their interests are at the centre of its business operations.”
Notes to editors
1 Lawrence Churchill CBE is currently the Chairman of the Financial Services Compensation Scheme, a Governor of the Pensions Policy Institute, and is a non-executive director of BUPA and Chairman of their Risk Committee.
Previous non-executive roles include Chairman of the National Employment Savings Trust Corporation (NEST), Chairman of the Pension Protection Fund, and a director of the Personal Investment Authority, the Financial Ombudsman Service and the Board for Actuarial Standards. Previous executive roles have been as CEO of NatWest Life, Unum Ltd and Zurich Financial Services (UK, Ireland and International Life).
He was awarded a CBE in the New Year’s Honours list in 2010 in recognition of his public service.
2 Under new FCA rules, all providers of workplace personal pension schemes are required to set up and maintain and Independent Governance Committees (IGCs). IGCs will have a duty to act in the interests of scheme members and will operate independently of the firm. They will assess and, where necessary, raise concerns about the value for money of workplace personal pension schemes. The rules will come into force on 6 April 2015. http://www.fca.org.uk/your-fca/documents/policy-statements/ps15-03