Governance Advisory Arrangement

In February 2015 the Financial Conduct Authority (FCA) set out new rules for providers operating workplace personal pension plans (called relevant schemes) to take effect from 6 April 2015.

From 6 April 2015, all providers of workplace pensions had to appoint an independent committee to represent the interests of members of workplace pension schemes. Therefore, Fundment Limited appointed ZEDRA Governance Limited (ZEDRA) to establish this committee, which is called a Governance Advisory Arrangement (GAA) whose principal functions would be to:

  • Act solely in the interests of the relevant policyholders of those pension plans and to
  • Assess the “value for money” delivered by the pension plans to those relevant policyholders.

The FCA rules also require that the Chair of Governance Advisory Arrangement (GAA) to produce an annual report setting out a number of prescribed matters.

The ZEDRA Governance Advisory Arrangement was established on 6 April 2015 and has been appointed by a number of workplace personal pension providers. ZEDRA is a specialist provider of independent governance services primarily to UK pension arrangements. Amongst other appointments, ZEDRA act as an independent trustee on several hundred trust-based pension schemes and sit on a number of IGCs. ZEDRA have oversight or responsibility for in excess of £120bn of pension assets. More information on ZEDRA can be found at

The Board of ZEDRA Governance Ltd has appointed ZEDRA to the GAA, including as Chair. All of ZEDRA’s Client Directors act as representatives of ZEDRA on the GAA and Clare James currently represents ZEDRA in the capacity of Chair. More information on each of ZEDRA’s Client Directors, their experience and qualifications can be found at

If you have any questions or concerns about pension plan, please contact us directly by emailing

If you wish to make a representation to the GAA, please email

If your representation is a query or complaint, we will deal with it under our usual process, otherwise we will acknowledge your comments and they will be passed in full to the GAA for their consideration. You will not normally receive any individual response from the GAA, unless they wish to seek more information or clarification from you. However, the GAA will ensure that all such representations reach them.

Terms of Reference
GAA Terms of Reference 2021

Latest GAA Report
GAA Report 2021

Latest Disclosure of Costs and Charges
Fundment Personal Pension Disclosure of costs and charges 2021

Previous GAA Documents
GAA Terms of Reference 2020
GAA Report 2020

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