Royal London finalises Independent Governance Committee
08 April 2015
Royal London announces the appointments of David Gulland and Peter Dorward as members of its Independent Governance Committee (IGC). They took on their roles as of 25 March 2015, following the appointment of Chair of the IGC Phil Green earlier this year.
IGCs represent the interests of scheme members in assessing the value for money of workplace pension schemes, challenging providers to make changes if needed. Firms that operate workplace pension schemes are required by the FCA (as of 6 April 2015) to set up an IGC, with a clear mandate to act independently of the firm.
David Gulland has a broad range of experience across the UK life insurance sector, with 25 years’ experience as a consultant followed by senior executive roles within the life insurance industry. He is currently Chief Executive Officer of Marine & General Mutual and was previously UK Managing Director of Reinsurance Group of America. Between 1983 and 2009, David worked for Bacon & Woodrow, whose actuarial business merged with Deloitte & Touche in 2000. He is also a Non-Executive Director of Investment & Life Assurance Group, a trade body representing members from the life insurance and wealth management industries.
Peter Dorward has solid experience both in life insurance and institutional investments, having worked across a broad range of disciplines, including business leadership. He was Chief Executive of SWIP’s Saudi Arabian joint venture business and 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.
Commenting on the appointment Phil Loney, Royal London Chief Executive said:
“I am pleased with the progress and direction of our Independent Governance Committee. Independent members Phil Green, David Gulland and Peter Dorward join Royal London’s Isobel Langton and Jon Macdonald in the important role of safeguarding the interests of the members of company pension schemes.”
For further information please contact:
Margherita Orlandini 0207 506 6791/0791 917 1953 firstname.lastname@example.org
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with Group funds under management of £82.3 billion. Group businesses serve around 5.3 million policy holders and employ 2,829 people. (Figures quoted are as at 31 December 2014).
The Group is currently moving all of its UK businesses under a new version of the Royal London brand. The Group's independent wrap platform will remain branded Ascentric.
About Independent Governance Committees:
In 2013 the OFT undertook a review of DC workplace pensions. One of its key findings was that value for money in workplace pensions was dependent on a number of different factors some of which were qualitative and difficult to access.
In response to the findings the ABI agreed to set up Independent Governance Committees to ensure all aspects of value for money are reviewed. Every workplace pension provider is required to establish an IGC under FCA rules.