Examination of Witnesses

Part of Pension Schemes Bill – in a Public Bill Committee at 9:30 am on 21st October 2014.

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David Geale: The intention is that they will be independent of the firm, reporting to the firm’s board on what they have found around value for money. In terms of the responses, some of the issues that have been identified are around the proposal that some of the executives from the firm could be members of an IGC, albeit that the chair and the majority would be independent.

The potential for a conflict there has come out of the responses and is something that we are aware of. We think that that conflict is manageable. Equally, there is a role for us in ensuring that the IGC has an appropriate voice and when it makes a recommendation to the board, the board acts on it. We propose some mechanisms through which that can be escalated if the board does not act.