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.
Looking after our customers best interests is key for this committee, that’s why the majority of members are independent.
Read our full terms of reference [PDF, 113KB].
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 Dorwood
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.
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.
Jon MacDonald, Group Risk Director, Royal London
Jon Macdonald was appointed to the Board on 14 December 2012 having joined the Group in November 2012 as Group Risk Director.
He was previously Group Chief Risk Officer for both RSA and Prudential.
He has held a number of senior risk and capital management roles at PwC, Aviva, Fox-Pitt Kelton, Swiss Re and Zurich and is a fellow of the Institute of Actuaries.
Paul Gallagher, Life and Pensions Risk Director, Royal London
Paul has over 30 years’ experience within the Financial Services industry and over 15 years’ experience in Life, Pensions and Asset Management Companies.
He as a broad range of experience in various functions including Operations, Finance, IT and has specialised in Risk, Compliance and Audit for the last 20 years.
Previous companies include Aegon, Capita, Resolution and RBS Insurance. His current role in Royal London is Life and Pensions Risk Director.
Royal London Independent Governance Committee (IGC) reports
2018 Annual Report
2017 Annual Report
2016 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.