Below you will find our last 4 annual reports for your information.
Governance Advisory Arrangement
In February 2015, the Financial Conduct Authority (FCA) set out new rules for providers operating workplace personal pension plans (called relevant schemes) to take effect from 6 April 2015. From that date, providers had to set up an Independent Governance Committee or appoint a Governance Advisory Arrangement whose principal functions are to:
- Act solely in the interests of the relevant policyholders of those pension plans; and
- Assess the “value for money” delivered by the pension plans to those relevant policyholders.
The FCA rules require the Chair of each Independent Governance Committee and Governance Advisory Arrangement to produce an annual report setting out a number of prescribed matters including how they have discharged their obligations in assessing value for money for policyholders.
Since the creation of the Zurich Independent Governance Committee in 2015 the Zurich workplace pensions portfolio has changed substantially, primarily due to the sale of the bulk of the workplace pensions portfolio to Scottish Widows. In 2021 we established a Governance Advisory Arrangement or GAA which replaced the Zurich Independent Governance Committee.
The firm we appointed as GAA has not changed, but their name changed in 2022 following acquisition. Reports prior to 30 September 2022 refer to PTL Governance Ltd (PTL) and those after this date, the ZEDRA Governance Advisory Arrangement (ZEDRA GAA).
The terms of reference and most recent annual reports of the GAA, and before this the Zurich Independent Governance Committee, can be found below. More information about ZEDRA can be found at their website www.zedra.com/pension-schemes.
Further reading
Our previous reports
Costs and charges
Full details of the latest costs and charges information relevant to your plan, including any product level charges applied by Zurich Assurance Ltd, can be found below:
One element of these costs and charges is the cost of buying and selling investments. The links below include details of these transaction costs, which companies like Zurich have a duty to disclose. They contain all the costs and charges that depend upon fund choice, but do not include product charges, which may apply in addition, and which are independent of fund choice.
