Skip to main content

Independent Governance Committee

Annual report

annual_report_2020_holding_banner

Welcome to our fifth Annual Report.

We’re delighted to share the progress that has been made during our fifth year and to have the opportunity to share our plans with you for 2020.

The IGC’s role is to ensure the money in your Legal & General pension is safe and being well managed. We work with Legal & General to ensure the scheme offers good value for money and that the default funds are suitable.

The IGC’s overall assessment over the last year is that Legal & General offer good to very good value for money for Workplace Savings, and good value for money for Mature Savings.

We are pleased that over the year Legal & General reviewed and improved their range of default funds, and that they moved 75,000 members into a more modern and diversified default fund – the Multi-Asset Fund – that’s again outperformed the sector benchmark. We were also happy to see some costs come down and a number of significant initiatives – many of them online – that are boosting member engagement.

Fund Costs and Performance

The IGC’s aim is to provide scheme members with clear information about funds costs, including why fund costs matter and the performance of their funds, in a format that can be understood. The costs and performance of the Legal & General funds available to members are set out in Appendix 2 of the IGC’s Annual Report.

The IGC website

We have created this website to provide you with regular updates throughout the year. This includes sharing information about Legal & General’s customer service standards, the results of any surveys that we run, and to let you know about events that we are running which you may be interested in attending.

Feedback

The IGC welcomes questions or feedback from members. If you have any questions, or would like to share feedback, please contact us. Your message will come straight through to the IGC members.