Phoenix IGCs to have shared independent chair

Phoenix Group has announced changes to its Independent Governance Committees (IGCs), which will result in David Hare becoming the independent chair of all its IGCs.

The changes were being made to “ensure a consistent governance approach for workplace customers”.

Phoenix has a number of IGCs, which will remain in place, although there will now be a shared membership, with Hare acting as independent chair of them all.

Hare is currently the independent chair of the Phoenix Life IGC and will work with Standard Life Assurance Limited (SLAL) IGC independent chair, René Poisson, through the transition.

Poisson will step down from his role as independent chair of the SLAL IGC and complete the SLAL IGC report, which will be published “shortly”.

The IGCs will have members from both the Phoenix Life IGC and the SLAL IGC, while the revised composition of the committees is yet to be finalised.

Commenting on the announcement, Hare said: “IGCs play a really important role in workplace pensions – ensuring members receive value for money and giving them confidence that there is a group of people solely looking out for their interests.

“I am delighted to have been appointed as the chair of the IGCs and look forward to building on what the Phoenix and Standard Life Assurance Limited IGCs have achieved so far, combining the best of both approaches to maximise our effectiveness.”

Poisson added: “Improving the value for money received by workplace DC policyholders is critical if we are to build confidence in pensions and good outcomes in retirement.

“I look forward to the SLAL IGC carrying this work forward for the benefit of all policyholders.”

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