Investment manager BlackRock has created the Independent Governance Committee (IGC) to oversee its UK clients’ contract-based workplace pensions and says the new body will act in the interests of scheme members.
The IGC is meant to be independent of both BlackRock and its clients.
Committee chairman, Allan Whalley, is an independent trustee, while Colin Richardson, of Pitmans Trustees, and Claire Altman, of Capital Cranfield Trustees, are members.
The committee also has BlackRock representatives, namely Paul Bucksey, head of the firm’s UK defined contribution (DC) business, and Mark Allen, chief executive officer of Blackrock Life Limited.
BlackRock says the IGC has already held its first meeting to ensure that new Financial Conduct Authority rules regarding workplace pension schemes are met ahead of the April 6 implementation.
The committee is focused on ensuring good customer outcomes and an ongoing assessment of value for money of all contract-based DC workplace schemes issued by Blackrock Life Limited.
“The new BlackRock IGC will have a duty to act in the interest of scheme members and will operate independently of the firm and its clients. We are pleased to have this highly experienced team in place in advance of April 6 and believe this team will provide the strongest oversight for our clients and their scheme members,” says Bucksey.
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