Friends Life has appointed several industry experts to it its independent governance committee, which will be operational from 26 November.
Steve Carrodus, director at Pitmans Trustees, has been appointed as independent chairman of the IGC and is supported by Jonathan Lord, client director at Capital Cranfield Trustees, and Charles Pickup, non-executive director of Rothesay Life.
The IGC also includes two senior executives from Friends Life; Colin Williams, managing director of workplace and intermediated, and David Still, managing director of proposition and pricing.
The committee is focused on ensuring the delivery of good customer outcomes and value for money across the firm’s workplace pensions.
Mr Carrodus commented that IGCs are an important new body in the governance structure of workplace pensions.
He said: “We have assembled a committee with an excellent blend of skills and experience and we look forward to working on behalf of the scheme members to ensure they receive value for money from their pension arrangements.”
Mr Williams added: “We have been working hard to secure the best expertise possible for our IGC and this has allowed us to get the majority independent committee up and running in advance of the deadline.”
An Office of Fair Trading report into the defined contribution market demanded that ICGs be set up, something which contract-based scheme providers signed up to and the Financial Conduct Authority is currently consulting on.
Providers have until January 2015 to establish the committees, which must have five members - two from the firm and three independent experts.
