Independent Governance Committee
Since April 2015, all companies that provide workplace pensions in the UK, such as Royal London, are required by the rules of the Financial Conduct Authority (FCA) to establish an Independent Governance Committee (IGC).
These committees are required to consider how the workplace pension arrangements provide value for money to its customers.
About the IGC
The Royal London IGC was set up in April 2015. To assess whether they think we're offering value for money, they review components of our proposition, including:
- Plan charges
- Transaction costs
- Investment strategy
- Quality of service
- Scheme member communications
The findings are collated in an annual report. In this report, any concerns can be seen, along with recommendations for improvement.
The majority of our members are independent and our principal purpose is independently assessing the value for money delivered to Royal London workplace pension and investment pathway customers.
Read our full terms of reference [PDF, 332KB].
This year, there have been some changes to the IGC membership. We’re confident that our committee still has the right balance of skills and experience to ensure we’re working in the best interest of our workplace pension customers.
Chair - Peter Dorward
Peter has solid experience both in life insurance and institutional investments, having worked across a broad range of disciplines, including business leadership.
He is now Managing Director of IC Select, a private limited company specialising in the evaluation of providers to UK pension funds.
He currently holds two non-executive roles at the Citizens Advice Bureau – Chairman of the Board of Trustees, Central Borders, and Non-Executive Director, Scottish Borders Consortium.
Rosie Bichard, Independent Member
Rosie has worked in financial services since 1990, with 12 years as Global Consumer Analyst at Newton Investment Management and previously at Deutsche Bank in investment banking and fund management roles.
In January 2018 she joined Lofoten Asset Management to work on the Global strategy, and leads on ESG policies at the firm. Her role involves considerable engagement with senior management and boards of investee companies.
Rosie is a Chartered Financial Analyst and has completed executive education programmes at London Business School and Harvard Business School. She is undertaking the Competent Boards ESG Certificate Program in H1 2021.
David Gulland, Independent Member
David has a broad range of experience across the UK life insurance sector, with 25 years' experience as an actuarial consultant, followed by senior executive roles within the life insurance industry - including Managing Director of RGA UK and Chief Executive of Marine & General Mutual.
He is currently a Director of PG Mutual and a member of the Compliance Committee of the Funeral Planning Authority.
Myles Edwards, Independent Member
Myles is a pension planholder, and therefore a member, of Royal London. Although this was a primary reason why he was appointed to the IGC, Myles brings significant experience and expertise built up during his 28 years working in financial services.
Myles has a broad range of skills in product design, marketing and customer engagement and it is this wider customer focus which, along with being a Royal London customer, which makes him an ideal member of the IGC.
He has also been Executive Director at Age UK Enterprises and Foresters Friendly Society for over 12 years responsible for product design, marketing and communications.
Christelle Lim-Severe, Head of Strategy, Royal London
Christelle has over 15 years in the Life insurance and Asset Management industry. She has a broad range of experience in various functions including Strategy, Finance, Operations, Internal Audit and consultancy.
Christelle is a Chartered Accountant and a Fellow of the Institute of Actuaries. Christelle joined Royal London in 2018 from Aviva where she was the Head of Audit in the Finance Technical and Actuarial Audit team.
Prior to Aviva, she spent 5 years in PwC as a consultant in the Insurance Risk Assurance Services practice. Christelle is currently the Head of Strategy at Royal London.
2020 Annual Report
2019 Annual Report
2018 Annual Report
Want to learn more about how Royal London is run? Welcome to our corporate government section, where you can find information on exactly that.