Zurich has established an Independent Governance Committee (IGC) to work in the interests of members of its workplace pension schemes.
The role of the Independent Governance Committee (IGC) is to assess the value for money provided by Zurich for people like you who are saving for retirement.
We will act solely in your interests and will operate independently of Zurich. To work out how to measure value for money we asked people like you what they thought was most important about pension schemes. You told us it was the ultimate outcome that really matters, but you gave us clear insights about how you thought we should assess progress to delivering a good outcome, in particular that:
1. The Company is adhering to the appropriate rules and regulations;
2. The service is good when compared with other sectors, such as water or energy companies, not just when compared with the service of other pension providers;
3. Prices are competitive, and where prices are higher than expected there is a good reason for this; and
4. The Company does its best to achieve good outcomes for you through its investment on your behalf and helps you to make the right decisions to achieve better outcomes;
The IGC challenges Zurich on the way they compare with the rest of the pensions market, including on the costs they charge you and the profits they make. We also assess, and where necessary, challenge them on the value for money of workplace personal pension schemes using this guidance.
I hope the work we do will help to give you confidence in Zurich as your pension provider and encourage you to engage more in the decisions you need to make about your pension.
Anna Bradley, Chair of the Zurich IGC