Phoenix Group today announces some changes to the Group’s IGCs, in line with its consistent governance approach for workplace customers. The independent membership of the IGCs continues to be been drawn from across IGCs, to ensure consistency of knowledge and experience.

Following the acquisition of ReAssure in July 2020 by Phoenix Group, making it the UK’s largest long-term savings and retirement business, David Hare, the Independent Chair of the Phoenix Life and Standard Life Assurance IGCs, will become the independent chair of the ReAssure IGC.

Zahir Fazal will be stepping down as the Independent Chair of the ReAssure IGC, but will continue as an independent associate until later in the year.

Independent member Venetia Trayhurn, who has been an independent member of the ReAssure IGC, will be joining the Phoenix Life and Standard Life Assurance IGCs too, replacing Mike Christophers who is stepping down.

The members of the three IGCs will now comprise:

• David Hare – Independent Chair
• Sheila Gunn – Independent Member
• Venetia Trayhurn – Independent Member
• Ingrid Kirby – Independent Member
• Mike Pennell – Provider Nominated Member
• Rona Cameron – Provider Nominated Member

The members of the aligned IGCs have been selected in order to ensure:-

• sufficient depth of knowledge and experience in the various performance areas that contribute to value for money (including investments, customer service, customer communications);
• sufficient experience of the different books of business within scope across the Companies;
• a blend of activity and experience across the pensions and wider financial services arena (e.g. pension trustee experience, life office experience); and
• Diversity, including gender, personal style and mind-set.

David Hare, Independent Chair of the IGC, said:

“IGCs continue to play a really important role in workplace pensions, giving members the peace of mind that there is a group of people focused on looking out for their interests. I am looking forward to building on the good work the ReAssure IGC has achieved and pass on my thanks to those who are stepping down as part of these changes. The combined expertise of all our IGC members will continue to maximise our effectiveness in a consistent way for all scheme members and, in due course, pathway investors within our scope.”

-Ends-

Enquiries

Dan White
PR Manager
Phoenix Group
07971 952 921
Daniel.white@thephoenixgroup.com

Notes to editors

About Phoenix Group

Phoenix has become the UK’s largest long-term savings and retirement business following the completion of the ReAssure acquisition and is also the largest consolidator of closed life and pension funds in Europe.

Phoenix has businesses in the UK, Germany and Ireland, split across three key business segments: UK Heritage, UK Open and Europe

The Group specialises in the acquisition and management of closed life insurance and pension funds (its Heritage business). Phoenix is a leader in the safe and efficient management of UK Heritage business. The UK Heritage segment comprises products that are no longer actively marketed to customers and has been built through the consolidation of over 100 legacy insurance brands.

In addition, Phoenix’s UK Open business manufactures and underwrites long-term savings and retirement products to support people saving for their future. These products are actively marketed to new and existing customers, primarily under the Standard Life brand. This segment is underpinned by a strategic partnership with Standard Life Aberdeen following the Phoenix Group’s acquisition of Standard Life Assurance Limited in 2018. Standard Life Assurance is a long-established expert in workplace pensions, personal pensions, long term savings and retirement solutions, and its customers and clients include individual savers and some of the largest employers in the UK, as well as professional advisers. The UK Open business includes a growing BPA business. Phoenix Group also has a market leading brand - SunLife - which sells a range of financial products specifically for the over 50s market.

The European business spans a range of both Open and Heritage products across three segments: Ireland, Germany and the International Bond in the UK. Our focus is on protecting our existing assets, optimising sales and driving efficiencies, which enables us to maximise value in these businesses and provides a platform for potential future consolidation in Europe.

Phoenix Group is a member of the FTSE 100 index, and has circa 14 million policies and over £300 billion of assets under administration.