Regulatory Alerts2020-06-23
Added · Updated
PS21/12: Assessing value for money in workplace pension schemes and pathway investments: requirements for IGCs and GAAs
The Financial Conduct Authority introduces final rules requiring Independent Governance Committees (IGCs) and Governance Advisory Arrangements (GAAs) to assess value for money in workplace pension schemes and pathway investments based on three key elements: costs and charges, investment performance, and quality of services. IGCs must compare their provider's offerings with other similar market options, report on whether the scheme provides value for money, and retain relevant evidence for at least six years. These rules come into force on 4 October 2021, with firms and IGCs required to publish their next report by the end of September 2022.
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