The report, published today, considers a broad range of factors including charges, communication, customer service and investment performance before coming to its conclusions.
The report is published amid developing uncertainty in financial markets and prior to an expanding remit for IGCs:
Peter Dorward, chairman of the IGC, explained:
“The purpose of the IGC is to assess the ongoing value for money provided by Royal London to workplace pension customers and I am pleased to report that it does so.
Our remit is being expanded in the coming year to consider environmental, social and governance matters as well as Investment Pathways for non-advised customers who choose income drawdown. This latter extension is an important shift; it means IGCs are no longer only for workplace members but will also cover the interests of certain non-workplace customers.”
“Our report is also released amid significant market turbulence due to the COVID-19 global pandemic. The virus is not only affecting our health and social norms, it is also having a dramatic impact on investment markets because of the consequential impact on the UK and global economies.
The figures for investment performance quoted in our report won’t take account of this as our report is about 2019 and only uses data to the end of that year”.
Responding to the report Isobel Langton, chief executive of Royal London’s intermediary business, said:
“We are grateful to the work of the IGC and their assessment that we continue to offer value for money. It is important that we work closely with the IGC to support their transition to the increased remit and to give confidence that we will deliver value to the extended group of customers and circumstances.
“We’ve also been keeping the IGC up to date with the work we have been doing to safeguard the interests of our customers and staff in these challenging times.
“We would like to thank all the IGC members for the additional work they have undertaken to get ready for their broadening responsibilities”.
The IGC report can be found here.