What is an IGC?
An IGC is an Independent Governance Committee whose purpose is to represent the interests of policyholders (including active and deferred members) in the company’s relevant schemes.
The IGC is made up of five individuals, the majority of whom are independent. The members of the IGC have extensive knowledge, insight and experience within the pensions and finance industry.
The key objective for Fidelity’s IGC is to act in the best interests of all relevant policyholders by assessing and challenging Fidelity on the ‘value for money’ offered within their UK DC workplace personal pension plans.
The key duties for Fidelity’s IGC are:
- to report to the FIL Life Board;
- to act in the interests of all relevant policyholders;
- to assess the ‘value for money’ of the Company’s UK DC workplace personal pension plans;
- where the IGC has concerns related to ‘value for money’, to raise its concerns with the Board;
- where concerns have been raised with the Board which, in the opinion of the IGC, have not been addressed satisfactorily the Chair of the IGC may, if appropriate and after having given the Board further opportunity to respond, escalate its concerns to the Financial Conduct Authority (FCA) in the first instance. Thereafter the IGC may alert relevant pension scheme members and employers, and make its concerns public;
- to produce an annual report of its findings.
The IGC’s annual report
The IGC has published their fourth annual report setting out the results of their assessment of whether Fidelity continues to provide Value for Money to their pension plan customers. The assessment looks at different aspects of quality provided by the plan. You can read the full report, which confirms that the assessment concluded that Fidelity’s pension plans continue to offer Value for Money, below or watch the short video here which focuses on the results of their value for money assesment.
Focus areas for Fidelity’s IGC
Over the next year, we will continue to monitor the Fidelity pension plans to ensure they offer Value for Money. We are continuing to work with Fidelity on a number of areas to enhance your experience:
- Monitoring the progress of changes to systems Fidelity use and the digital experience for members to improve the service provided to you.
- Making costs and charges easy to understand and collecting information on all investment costs from managers.
- Ensuring the way Fidelity engages with you about your pension is timely and relevant to your circumstances.
- Ensuring that any requested information is provided to you quickly and accurately.
- Ensuring the investment strategy you are in is designed well and kept up to date.
- Seeking your views on how we should make allowances for sustainable investment within the investment funds provided by your pension plan.
Terms of Reference
The terms of Reference were reviewed and signed off at the meeting on 20th September 2018.
Members of Fidelity’s Independent Governance Committee
Kim Nash – Independent Governance Committee Chair
Kim Nash is a Director at PTL Governance Ltd, which she joined in February 2012. Kim is a qualified Actuary and previously worked for Willis Towers Watson as an actuarial benefit consultant. Kim brings her significant DC experience both as a Trustee and a member of governance committee to lead the IGC to develop the value for money framework and make comparisons on Fidelity’s performance against the wider industry.
Dianne Day – Independent Member
Dianne Day is a Client Director at Independent Trustee Services Ltd (ITS). She joined ITS in 2015, specialising in defined contribution (DC) schemes. Dianne holds the PMI Certificate in DC Governance and is a Fellow of the Financial Services Institute of Australasia. She has worked for major investment firms in senior communications and management roles. Dianne applies her extensive DC governance and communications experience to help with the evaluation of Fidelity’s member service, communications and engagement programmes.
Gerald Wellesley - Independent Member
Gerald is a Professional Trustee and Client Director of Punter Southall Governance Services Limited. He has over 35 years’ experience in the finance industry, 15 years as pension trustee and 3 years in HR management.
His current portfolio of trusteeships includes chair, sole trustee and subcommittee positions with DB and DC schemes and DC Master Trusts. He brings strengths in the investment and financial management disciplines together with more broadly-based trustee skills. He was previously at BNY Mellon where he led the corporate strategy for the UK and European pensions industry where BNY Mellon is a leading provider of asset management, custody and collateral management services.
David Felder – Independent Member
David Felder is a Director of the Law Debenture Pension Trust Corporation (Law Deb). He joined Law Deb in July 2002 as a professional pension fund trustee. David is a Fellow of the Chartered Institute for Securities and Investment and was previously a senior fund manager, specialising in fixed income investment. David applies his extensive investment and trustee experience to help with the monitoring of the performance of Fidelity’s investment funds and the consideration of possible changes to the fund range offered to DC investors. David will be retiring in the near future.
Daniel Smith – Fidelity Representative
Daniel is Head of UK Full Service - Workplace Investing, leading the overall strategic and corporate management of Fidelity's DC businesses in the UK. Daniel joined Fidelity in 2002 and has over 20 years’ experience in the corporate pensions market. Daniel ensures that the Independent Members of the IGC are provided with all of the necessary support and information to undertake their roles effectively. In addition he ensures that the IGC members have full access to Fidelity resources and are consulted on business strategy and change projects.
James Carter - Fidelity representative
James Carter is Head of Pension Products and Policy with 19 years of experience in the workplace pensions market. He is responsible for the product implementation and management of Fidelity’s workplace pension products. James also leads Fidelity’s engagement with the government, regulators and industry bodies in the development of pension policy and the business’ analysis of the impact and opportunities of new pensions regulations.
Prior to joining Fidelity James was a Director in Willis Towers Watson’s pension consulting business, having also worked for KPMG and Aon, advising trustees and employers operating large DC pension schemes.