The expectation for governance of contract based workplace pensions has hit new highs over the last few years from regulators and critically also from members. The introduction of Independent Governance Committees (IGCs) is certainly a major step forward, but their role is limited and cannot look at the circumstances of each employer. Having worked with contract based arrangements for the last 20 years we can:

• Advise you of an appropriate approach on the setting up and ongoing running of a Governance Committee.
• Provide you with a totally independent second opinion on any advice you may have received from your existing advisers.
• Advise you as to how to work with your provider’s IGC.
• Sit as an independent member of your Governance Committee.

The rules and requirements for the governance of master trusts have changed dramatically in recent times with the introduction of the Master Trust Assurance Framework and the imminent prospect of Authorisation. Understanding both best practice and regulatory requirements is essential. We’ve been involved in the planning, implementing,ongoing running and trusteeship of a number of master trusts in recent years. We have also provided trusteeship for a Master Trust in wind-up.

The introduction of IGCs has dramatically changed the landscape for the governance of contract based workplace pensions, but there is a shortage of experienced DC professionals who have lived and breathed contract based DC governance for many years. We can sit on IGCs and bring our technical and practical experience to bear, so as to make a real difference to the outcomes of members of contract based schemes.