The cornerstone of our governance framework is our independent Investment Advisory Committee.
The board of Royal London has ultimate control over the running of the pension assets for Scottish Life's customers. So how do we ensure that investors' best interests are met?
Investment Advisory Committee
The Investment Advisory Committee (IAC) reports into the Royal London board, whose remit covers every aspect of the running of our Unit Linked fund range. Critically the committee operates independently of Royal London Asset Management (RLAM), who have day-to-day running of the Scottish Life funds
The Investment Advisory Committee (IAC) meets on a regular, usually quarterly, basis to review our risk-graded Governed Portfolios and fund range. Their review covers the following types of questions:
- What is the best blend of assets to meet our customers' objectives?
- The outlook for the economy is concerning, how should we change their asset mix?
- The long-term fundamentals for one asset class has changed, should the best mix change?
- There has been a change of fund manager, would it be best to switch funds?
- Should the amount invested in UK and overseas equities be changed?
This process is deliberately about taking a long-term view to ensure that investment decisions are based on sound fundamentals.
To help the IAC make these decisions, they review a substantial amount of material each time. This includes confidential OBSR fund reports, a comprehensive risk report from Moody's Analytics and market commentary from Royal London Asset Management, who manage the internal Scottish Life fund range.
A summary of each committee meeting is published as soon as possible following the meeting. To view the latest summary or a list of previous summaries visit our meeting summaries page.
Who's on the committee?
The IAC comprises of five pensions and investment experts.
Currently, the committee comprises:
- Julius Pursaill, Independent chairman
- Phil Loney, Group Chief Executive, Royal London Group
- Andy Carter, Chief Executive Officer, Royal London Asset Management
- Ewan Smith, Managing Director (Pensions), Royal London Intermediary
- Colin Taylor, Independent member
Updated March 2014