Insurers have welcomed the Office of Fair Trading's (OFT) recommendation to introduce independent governance committees for contract schemes.
Following the publication of the OFT's final report into the defined contribution (DC) workplace savings market, Aegon managing director of workplace solutions Angela Seymour Jackson said the boards will "complement" existing contract scheme regulation.
She added: "Industry commitment will create both urgency and consistency to making this happen across the industry."
Legal and General (L&G) said the industry has "long been aware" of the impact of good governance on member outcomes.
It highlighted the introduction of its Investment Governance Oversight (IGO) committee for non-master trust schemes in May.
L&G pensions strategy director Adrian Boulding said: "For members of our contract schemes IGO therefore offers the same ‘independent trusteeship' as our Mastertrust Trustees and its remit is fundamentally the same, to deliver better member outcomes for members."
Standard Life chief executive UK & Europe Paul Matthews said the insurer "fully supports" the OFT's report.
He said: "The introduction of independent governance committees is a positive step forward and will help to instil greater confidence for savers, and we have already commenced our search for the independent members of our committee."
The mass-markert pension scheme National Employment Savings Trust also welcomed greater scrutiny of contract-based arrangements, as its research found consumers are "particularly reassured" by independent governance structures.
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