Phoenix Group has made a number of changes to the Group’s independent governance committees (IGCs), in line with its consistent governance approach for workplace customers.
The independent membership of the IGCs continues to be been drawn from across IGCs, to ensure consistency of knowledge and experience.
Following the acquisition of ReAssure in July 2020 by Phoenix Group, making it the UK’s largest long-term savings and retirement business, David Hare, the Independent Chair of the Phoenix Life and Standard Life Assurance IGCs, will become the independent chair of the ReAssure IGC.
Zahir Fazal will be stepping down as the Independent Chair of the ReAssure IGC, but will continue as an independent associate until later in the year.
Venetia Trayhurn, who has been an independent member of the ReAssure IGC, will be joining the Phoenix Life and Standard Life Assurance IGCs too, replacing Mike Christophers who is stepping down.
The members of the three IGCs will now comprise:
David Hare – Independent Chair
Sheila Gunn – Independent Member
Venetia Trayhurn – Independent Member
Ingrid Kirby – Independent Member
Mike Pennell – Provider Nominated Member
Rona Cameron – Provider Nominated Member
The members of the aligned IGCs have been selected in order to ensure:
•sufficient depth of knowledge and experience in the various performance areas that contribute to value for money (including investments, customer service, customer communications);
•sufficient experience of the different books of business within scope across the Companies;
•a blend of activity and experience across the pensions and wider financial services arena (e.g. pension trustee experience, life office experience); and
diversity, including gender, personal style and mind-set.
David Hare, Independent Chair of the IGC, says: “IGCs continue to play a really important role in workplace pensions, giving members the peace of mind that there is a group of people focused on looking out for their interests. I am looking forward to building on the good work the ReAssure IGC has achieved and pass on my thanks to those who are stepping down as part of these changes. The combined expertise of all our IGC members will continue to maximise our effectiveness in a consistent way for all scheme members and, in due course, pathway investors within our scope.”