Workplace personal pension schemes are to be reviewed and today the Financial Conduct Authority (FCA) will submit proposals aiming to make it easier for Independent Governance Committees (IGCs) and Governance Advisory Arrangements (GAAs) to compare the value for money of pension products and services.
IGCs and GAAs act in the interest of members of workplace pension schemes and the publication will ensure the members receive value for money.
The review saw a number of IGCs are working well and do provide value for money for their members, but there was a lack of consistency in the way IGCs and GAAs operate meaning some members may not be receiving value for money.
The review found:
The FCA has sent letters to firms ensuring they make improvements to the way they work with their IGCs and GAAs.