Royal London’s independent governance committee (IGC) report revealed investment performance for all workplace pension customers in 2019 was above its target.
The report comes amid developing financial market uncertainty and prior to the remit of IGC's expanding.
Returns over three and five years and since launch were also above target for all the relevant portfolios. It noted the returns have also been good in absolute terms.
Savers with over 15 years left before retirement (GP4) saw investment returns of 15.52%, compared with -4.99% the year prior.
This fell slightly to 14.27% for savers between ten and five years away from retirement (GP5), compared to -4.29% in 2018, and 10.90% for those within five years of retirement (GP6), an increase from -2.84% the previous year.
Noting the year's "good performance", Royal London moved its ‘appropriate investment returns' market from an amber rating up to a green rating.
The report revealed transaction costs are slightly lower than they were in 2018, due to increased efficiency when trading.
The IGC retained its green ratings for both ‘balanced charging' and ‘appropriate ongoing charges' revealing it is "satisfied the charges levied are fair compared to the benefits being provided".
Royal London has enhanced its work in ensuring best execution of investment transactions during the year.
The firm agreed it provided sufficient value for money for consumers.
IGC chairman Peter Dorward said: "The purpose of the IGC is to assess the ongoing value for money provided by Royal London to workplace pension customers and I am pleased to report that it does so. Our remit is being expanded in the coming year to consider ESG matters as well as investment pathways for non-advised customers who choose income drawdown.
"This latter extension is an important shift; it means IGCs are no longer only for workplace members but will also cover the interests of certain non-workplace customers."
He continued: "Our report is also released amid significant market turbulence due to the Covid-19 global pandemic. The virus is not only affecting our health and social norms, it is also having a dramatic impact on investment markets because of the consequential impact on the UK and global economies. The figures for investment performance quoted in our report won't take account of this as our report is about 2019 and only uses data to the end of that year".
Royal London's intermediary business chief executive Isobel Langton added: "We are grateful to the work of the IGC and their assessment that we continue to offer value for money. It is important that we work closely with the IGC to support their transition to the increased remit and to give confidence that we will deliver value to the extended group of customers and circumstances.
"We've also been keeping the IGC up to date with the work we have been doing to safeguard the interests of our customers and staff in these challenging times."
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