Since 6 April 2015 the Financial Conduct Authority (FCA) has required providers of workplace personal pension schemes to set up and maintain either an Independent Governance Committee (IGC) or Governance Advisory Arrangement (GAA) to represent the interests of the members of those schemes. In 2015 AJ Bell Management Limited appointed PS Independent Trustees Ltd (who changed their name to Punter Southall Governance Services Ltd (PSGS) in 2018) to provide the GAA in relation to its workplace pensions.
The GAA has a duty to act in the interests of scheme members and operates independently of AJ Bell. The ongoing role of the GAA is to assess the value for money and a number of other aspects of the workplace personal pension schemes provided by AJ Bell, and raise any concerns, initially with AJ Bell and, if not satisfied, the GAA can escalate these concerns to the FCA.
The FCA’s policy statement 19/30 introduced new rules to extend the remit of GAAs in two areas:
A new duty for GAAs to consider and report on environmental, social and governance (ESG) issues, member concerns and stewardship and a second new duty to oversee the value for money of investment pathway solutions for pensions drawdown (‘pathway solutions’). These new rules are effective from 6 April 2020 (albeit the requirements relating to pathway solutions do not come into force until 1 February 2021).
Taking into account the extra duties of the GAA AJ Bell Management Limited has replaced the PSGS GAA with a GAA provided by PTL Governance Ltd (PTL) from 6 April 2020 onwards.
The full terms of reference relating to both GAAs can be found below, along with the Chair’s annual statement.
AJ Bell Management Limited GAA Terms of reference – 2022
AJ Bell Management Limited GAA Chair’s Annual Report 2021
AJ Bell Management Limited Workplace Pension Scheme Illustration 2021
AJ Bell Management Limited GAA Terms of reference – PTL
AJ Bell Management Limited GAA Chair’s statement 2020
AJ Bell Management Limited GAA Chair’s statement 2019
AJ Bell Management Limited GAA Chair’s statement 2018
AJ Bell Management Limited GAA Chair’s statement 2017
AJ Bell Management Limited GAA Chair’s statement 2016
AJ Bell Management Limited GAA Terms of reference – PSGS
As a member of a workplace pension you are able to make representations on any aspect of your pension plan to the GAA who can be contacted in writing at:
AJ Bell Management Ltd GAA
4 Exchange Quay
Salford
Manchester
M5 3EE