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.”

    Share Story:

Recent Stories

Responsible investing
Laura Blows speaks to Standard Life head of investment solutions, Gareth Trainor, about the latest responsible investment trends and developments for providers, pension schemes and their members

ESG and member engagement
Laura Blows speaks to Legal &General Investment Management head of DC, Emma Douglas, and Nest Insight Director of Research and Innovation, Jo Phillips, about member attitudes towards ESG and how this may impact upon pension fund investments

Sovereign bonds and climate change considerations
In Pensions Age's latest podcast, Laura Blows is joined by Hilary Norris, Product Manager, Sustainable Investment, EMEA, FTSE Russell, to discuss sovereign bonds and climate change considerations

Climate Investing
Laura Blows speaks to Aled Jones, Head of Sustainable Investing for Europe at FTSE Russell, and Adam Matthews, Director of Ethics and Engagement for the Church of England Pensions Board, about the role of climate investing within a pension fund portfolio.

Managing volatility
In the latest Pensions Age podcast, Laura Blows speaks to Cambridge Associates head of European pension practice, Alex Koriath, about the Covid-related market volatility and how pension funds can prepare for the challenges ahead