A new committee has been appointed by BlackRock to oversee contract-based workplace pension schemes for UK clients.

The Independent Governance Committee (IGC) consists of chairman Allan Whalley, an independent trustee, Colin Richardson of Pitmans Trustees Ltd, and Claire Altman of Capital Cranfield Trustees Ltd.

The IGC also includes senior BlackRock figures, Paul Bucksey, head of the firm's UK DC business, and Mark Allen, CEO of BlackRock Life Limited.

Paul Bucksey, head of BlackRock's UK DC business said, "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 and we believe this team will provide the strongest oversight for our clients and their scheme members."

The Committee is focused on ensuring the delivery of good customer outcomes and assessing the ongoing value for money of all contract-based defined contribution workplace pension schemes issued by BlackRock Life Limited.

The Committee has already held its first meeting, ensuring new FCA rules for workplace pension schemes were met before the 6 April.

Allan Whalley, chair of the IGC, said: "With many people starting saving for retirement as a result of auto-enrolment, the IGC's role is critically important in ensuring we deliver the best possible member experience and value for money for savers."

BlackRock is a premier provider of retirement products and services in the UK, and provides DC workplace pensions for over 300,000 scheme members.

First published 09.04.2015

Lindsay.sharman@wilmingtonplc.co.uk