DOCSLIB.ORG

Royal London Annual Report and Accounts 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Royal London Annual Report and Accounts 2020 Mutually responsible Annual Report and Accounts for the year ended 31 December 2020 The Royal London Mutual Insurance Society Limited Registered Number 99064 Contents Strategic report Corporate governance 06 Our Purpose 70 Governance overview 08 Group overview and 2020 highlights 71 Board of directors 10 Chairman’s statement 74 Group Executive Committee 12 Group Chief Executive’s review 75 Corporate governance statement 14 Covid-19: Our response 83 Board Committee reports 16 Our business model: creating value 102 Directors’ remuneration report for stakeholders 121 Overview of directors’ responsibilities 18 Measuring our performance for the year ended 31 December 2020 20 The world we live in 22 Our strategy Financial statements 25 Our social impact 126 Report on the audit of the 29 Section 172 statement financial statements 30 Engaging with our stakeholders 136 Financial statements and notes 38 Responsible investment and stewardship 40 Climate change Other information 44 Non-financial information statement 224 Glossary 45 Business review 228 2021 financial calendar, registered 52 Financial review office and contact offices information 58 Risk overview 61 Principal risks and uncertainties 66 Longer-term viability statement 2 Royal London Group Annual Report and Accounts 2020 We are Royal London and we are proud to be a mutual. Founded in 1861, we are the UK’s largest mutual life, pensions and investment company. Driven by our Purpose At Royal London, we have reframed Protecting today, investing in tomorrow. our Purpose and strategy to respond Together we are mutually responsible. to the changes being experienced by our members and customers Customer-focused and those who advise them. This has Being an insight-led modern mutual proved even more important during with a focus on customer service means the events of 2020, when the Covid-19 we can give members and customers pandemic affected us all and presented that little bit more, and you can trust us a challenging financial environment. to be there for you when it counts. Read more about our Purpose on pages 6 and 7 Royal London Group Annual Report and Accounts 2020 3 Strategic report Our Purpose Protecting today, investing in tomorrow. Together we are mutually responsible. Ever since we began our business in a London coffee shop in 1861, we have been helping people to help themselves; we innovate and focus on ambitious commitments to make a positive impact in society. Our Purpose is a reflection of why we exist based on who we are, who we wish to be and the role we fulfil in society. Our Purpose helps us to think about what is most important when we make decisions and focus on doing the right thing in the face of increasing uncertainty, complexity and choice. 6 Royal London Group Annual Report and Accounts 2020 Strategic report Corporate governance Financial statements Other information What our Purpose means ‘Protecting today’ goes beyond insurance policies We are responsible guardians of what our members and customers have entrusted us with and we are here to support them today, even in the most uncertain times. ‘Investing in tomorrow’ means making decisions today that consider all our futures We help our members and customers prepare for their future and we make investment decisions to help create a world we all want to live in. We ensure that our business is sustainable. At the heart of our Purpose is the concept of being mutually responsible We share responsibility with others including members, customers, advisers and industry bodies for customers’ financial well-being. We all have a role to play and we can achieve more when we work together. For more information about how we defined our Purpose, see engaging with our stakeholders on pages 30 to 37 Royal London Group Annual Report and Accounts 2020 7 Group overview We are the UK’s largest mutual life, pensions and investment company. We provide pensions, protection and wealth management products and services in the UK, and protection in Ireland. We work with advisers and customers to deliver long-term Royal London is a mutual company, meaning growth, income and protection. many of our customers are also members. As members, they are really important to us because they own the business. We are committed to giving higher Our structure and products levels of service and great experiences, and making sure The divisions we operated in 2020 and the products they provide members’ voices are briefly explained below. From 2021, we will simplify the way are heard. we organise ourselves internally and we will have three business divisions: UK, Ireland and Asset Management. Intermediary Consumer Distributes savings and protection products through Sells life insurance, investment and retirement products independent financial advisers. This includes individual and directly to consumers who do not want or cannot afford workplace pensions and, at retirement, our income drawdown financial advice. Products include over-50s life assurance, and income release products. Protection products include life term insurance and funeral plans. cover, critical illness and income protection plans. Total policies Total policies 560,024 2,712,379 (2019: 486,216) (2019: 2,525,098) Asset Management Legacy Manages investments for a wide range of Royal London Serves long-standing customers, many of whom do not have customers with life or pension policies. We also look after access to financial advice, and helps them manage their money. investments from clients recommended by independent Legacy provides protection, life and pension policies, along with financial advisers and wealth managers, as well as for pension annuities and tax-efficient savings plans including ISAs. funds, local authorities and charities. Total policies Assets under management 5,571,718 £148bn (2019: 5,621,868) (2019: £139bn) Read more about the performance of each of our divisions in the business review on pages 45 to 51 8 Royal London Group Annual Report and Accounts 2020 Highlights 2020 Strategic report Corporate governance Financial statements Other information Financial highlights Operational highlights Operating profit before tax1 Total number Total number of members of policies held1 £41m (2019: £165m) 1.7m 8.8m (2019: 1.6m) (2019: 8.6m) Assets under management Employee engagement score £148bn (2019: £139bn) 81% (2019: 83%) Profit before tax1 Net Promoter Score £131m (2019: £414m) 63% (2019: 63%) Group Solvency II capital cover ratio (Investor View)2 Total charitable contributions in the UK and Ireland during 2020 190% (2019: 219%) £1.1m 1 Royal London changed its statutory reporting basis to UK GAAP with effect Donations made to local communities impacted by from 1 January 2020; more detail can be found in the Financial review. Covid-19, to our strategic partnerships and to support 2 The Group changed the Investor View capital metric to equal the Royal London Main Fund capital position, which excludes the ring-fenced funds’ (closed funds) our colleagues’ fundraising. capital position. 2020 capital figures are estimated. Growth in the value of assets in our sustainable funds 128% Read more about our key performance indicators (KPIs) (2019: 80%) in Measuring our performance on pages 18 and 19, and 1 There are 149,917 general insurance policies where Royal London acts as an see page 220 for details on our alternative performance intermediary via a subsidiary company and 14,546 policies as part of a discretionary measures (APMs) healthcare scheme via a subsidiary company that are not included in these numbers. Royal London Group Annual Report and Accounts 2020 9 Chairman’s statement The dedication of our colleagues has been outstanding in 2020. Their engagement with and support for our customers has been exemplary and the Board is extremely grateful for their flexibility and professionalism in the face of adversity. Covid-19 and stakeholders Royal London successfully transitioned to 98% of our colleagues working from home during the lockdowns of 2020, which enabled us to continue to provide our normal high level of service to customers. Throughout these lockdowns and continued working from home we have maintained high levels of engagement with our colleagues, evidenced by ongoing surveys confirming colleague well-being was front of mind. Our colleagues’ professionalism meant that we stayed open for business without needing to ask customers to delay interactions with us. We have sadly paid out claims to the families of more than 2,100 customers as a result of deaths attributable to the Covid-19 pandemic and continue to support our customers through difficulties. As a mutual, we put customers first. What is in the best interests of our customers is normally in the best interests of their We transitioned communities and society, and we work with other important to 98% of our colleagues stakeholders to tackle big social issues. Both pension and protection products allow people to take control working from home of their circumstances, prepare them for the unexpected and provide peace of mind. This has been emphasised by the uncertainty caused by the Covid-19 pandemic. Royal London during the first works to remove barriers that may lead to many people and families being underinsured or not insured at all. We believe that lockdown, which it is important to support people to build financial resilience with enabled us to continue affordable, accessible and reliable products. In 2020, we took a more strategic approach to our social impact to provide our normal activities, significantly increasing our strategic giving and directing all our social impact activities to drive change on our life shocks high level of service agenda. We have chosen Turn2us as our flagship charity partner. Their work is focused on financial resilience and helping people to customers to help themselves. Recognising the importance we place on protecting the most Kevin Parry OBE vulnerable and challenged members of society, we made total Chairman charitable contributions of £1.1m in the UK and Ireland, including £500,000 to the National Emergencies Trust in the UK, to our local charity partners and through our colleagues’ fundraising.
Load more

Recommended publications
  • Phoenix Group Holdings
    PROSPECTUS DATED 25 SEPTEMBER 2020 Phoenix Group Holdings plc (incorporated with limited liability in England and Wales with registered number 11606773) £5,000,000,000 Euro Medium Term Note Programme Under the Euro Medium Term Note Programme described in this Prospectus (the “Programme”) Phoenix Group Holdings plc (“Phoenix” or “PGH” or the “Issuer”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue notes (the “Notes”). The Notes may be issued (i) as dated unsubordinated notes (“Senior Notes”), (ii) as dated subordinated notes with terms capable of qualifying as Tier 3 Capital (as defined in “Terms and Conditions of the Tier 3 Notes”) (“Tier 3 Notes”), (iii) as dated subordinated notes with terms capable of qualifying as Tier 2 Capital (as defined in “Terms and Conditions of the Tier 2 Notes”) (“Dated Tier 2 Notes”) or as undated subordinated notes with terms capable of qualifying as Tier 2 Capital (as defined in “Terms and Conditions of the Tier 2 Notes”) (“Undated Tier 2 Notes” and, together with the Dated Tier 2 Notes, the “Tier 2 Notes”). The Tier 2 Notes and the Tier 3 Notes are referred to collectively in this Prospectus as the “Subordinated Notes”. The aggregate nominal amount of Notes outstanding will not at any time exceed £5,000,000,000 (or the equivalent in other currencies). Payments of interest and principal under the Subordinated Notes may be subject to optional or mandatory deferral in accordance with the terms of the relevant Series (as defined herein) of Subordinated Notes. This Prospectus has been approved by the United Kingdom Financial Conduct Authority (the “FCA”), as competent authority under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) as a base prospectus (the “Prospectus”) for the purposes of the Prospectus Regulation.
    [Show full text]
  • Annual Report
    ANNUAL REPORT Royal London UK Real Estate Fund Annual Report for the year ended 31 December 2019 ASSET MANAGEMENT FUND INFORMATION Contents Page Fund Fund Information 2 Royal London UK Real Estate Fund Registered office: Report of the ACS Manager 3 55 Gracechurch Street, London EC3V 0RL Statement of ACS Manager’s Responsibilities* 4 Authorised Contractual Scheme Manager Investment Adviser’s Report*+ 5 (the “ACS Manager”) Portfolio Statement* 7 The ACS Manager is Royal London Unit Trust Managers Limited Summary of Material Portfolio Changes 9 Place of business and Registered office: Comparative Tables 10 55 Gracechurch Street, London EC3V 0RL Statement of the Depositary’s Responsibilities 12 Authorised and regulated by the Financial Conduct Authority; a member of The Investment Association (IA). Report of the Depositary 12 T: 020 3272 5000 F: 020 7506 6501 Standing Independent Valuer’s Report (Cushman & Wakefield) 13 Directors of the ACS Manager Standing Independent Valuer’s Report (CBRE) 14 Directors: A.S. Carter, R.A.D. Williams, A. Hunt, R. Kumar, S. Spiller, Independent Auditors’ Report 15 C.R. Read, J. Brett* (appointed 12 September 2019), N. O’Mahony* (appointed 13 November 2019) Statement of Total Return 17 * Non-executive Director Statement of Change in Net Assets Attributable to Unitholders 17 Investment Adviser Balance Sheet 18 Royal London Asset Management Limited Statement of Cash Flows 19 Place of business and Registered office: Notes to the Financial Statements 20 55 Gracechurch Street, London EC3V 0RL Distribution Tables 36 Authorised and regulated by the Financial Conduct Authority. Fact File 37 Depositary of the ACS Remuneration Policy (unaudited) 38 HSBC Bank plc 8 Canada Square, Canary Wharf, London E14 5HQ General Information 39 * The ACS Manager’s report comprises these items.
    [Show full text]
  • RLGPS Annual Report and Financial Statements 31
    Royal London Group Pension Scheme Annual Report and Financial Statements for the year ended 31 December 2019 Scheme Registration Number: 100154281 Royal London Group Pension Scheme Annual report and financial statements for the year ended 31 December 2019 Contents Page Trustee and advisers 1 Trustee’s report 2 Independent Auditors’ report 13 Fund account 16 Statement of net assets available for benefits 17 Notes to the financial statements 18 Independent Auditors’ statement about contributions 37 Summary of contributions 38 Actuarial certificate 39 Further information 40 Royal London Group Pension Scheme Annual report and financial statements for the year ended 31 December 2019 Trustee and advisers Corporate Trustee RLGPS Trustee Limited Directors of the Corporate Trustee Employer nominated (“Trustee Directors”) Andrew Evans (Chair) (Independent Trustee) Ewan Smith (Deferred member) Martin Lewis The Law Debenture Pension Trust Corporation plc represented by Edward Levy (Independent Trustee) Member nominated Ian Forder (Pensioner member) Paul McHardy (appointed 1 January 2019) (Deferred member) Scheme actuary Jonathan Howes FIA of Towers Watson Limited (resigned 31 July 2019) Andrew Long FIA of Towers Watson Limited (appointed 31 July 2019) Administrators Towers Watson Limited Independent Auditors PricewaterhouseCoopers LLP Legal advisers CMS Cameron McKenna Nabarro Olswang LLP Cannings Connolly Solicitors Slaughter and May DLA Piper UK LLP Thor Lion LLP Investment consultant Lane Clark & Peacock LLP Investment manager Royal London Asset
    [Show full text]
  • M-15-032 Irish Life Royal London
    DETERMINATION OF MERGER NOTIFICATION M/15/032 IRISH LIFE ASSURANCE/ROYAL LONDON MUTUAL INSURANCE SOCIETY LIMITED Section 21 of the Competition Act 2002 Proposed acquisition of certain assets of the Royal London Mutual Insurance Society Limited by Irish Life Group Limited Dated 10 August2015 Introduction 1. On 3 July 2015, in accordance with section 18(1) of the Competition Act 2002, as amended1 (“the Act”), the Competition and Consumer Protection Commission (“the Commission”) received a notification of a proposed acquisition by Irish Life Assurance Plc of certain assets from the Royal London Mutual Insurance Society Limited. The Transaction 2. The proposed transaction consists of an agreement for sale by private treaty dated 8 July 2015 whereby Irish Life Assurance Plc will acquire 17 property portfolios (the “Target Assets”) from the Royal London Mutual Insurance Society Limited. 3. Section 18(1A)(b)(ii) of the Act allows for parties to make a notification to the Commission where the parties have demonstrated to the Commission a good faith intention to conclude an agreement. In this case, the Commission considers that the undertakings involved demonstrated to the Commission a good faith intention to conclude an agreement for the purposes of section 18(1A)(b)(ii) of the Act. The parties notified the Commission on 3 July 2015 of their intention to conclude an agreement and subsequently concluded that agreement on 8 July 2015. The Undertakings Involved The Acquirer 4. Since July 2013, Irish Life Assurance Plc has been part of the Great-West Lifeco Inc (“Great-West Lifeco”) group of companies. Great-West Lifeco is a financial services holding company with interests in the life insurance, health insurance, retirement savings, and investment management and reinsurance businesses.
    [Show full text]
  • ROYAL LONDON LAUNCH Reveal Card AW
    THINK The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. The Royal London Mutual Insurance Society Limited is registered in England and Wales, number 99064. Registered Office: 55 Gracechurch Street, London EC3V 0RL, United Kingdom. Address in Ireland: 47 St Stephen’s Green, Dublin 2. 969.1 BIG A little bird told me that Caledonian Life just got a whole lot bigger. And here’s why… Caledonian Life is delighted to announce it is now rebranding to the name and look of Royal London, our parent company. Established in 1861, with approximately 5.3 million customers, Royal London is the largest mutual Life and Pensions company in the UK and Ireland. Royal London has over €95 billion in funds under management and had €4,200 million in Group new business in 2013 on a PVNBP basis. As an integral and important part of the Royal London group, and with their commitment to the Irish market, we’re dedicated to investing heavily in building and developing our oerings to you, now and into the future. We’ve already made big improvements, and now we’re very happy to bring you even more – turn over to nd out more. But rest assured, some things aren’t changing. e people you deal with today in Caledonian Life will be the people you deal with tomorrow in Royal London. And now as Royal London, we look forward to helping your business become GER bigger and better too.
    [Show full text]
  • Confirmation of Receipt of Reference
    Press Release 29 March 2018 ROYAL LONDON REPORTS STRONG NEW BUSINESS AND PROFIT GROWTH AS CEO CALLS FOR FIVE YEAR MORATORIUM ON CHANGES TO PENSIONS TAX RELIEF Trading and financial highlights New life and pensions business (PVNBP basis)1 up by 38% to £12,002m (2016: £8,686m); Funds under management2 up by 14% to £114bn (31 December 2016: £100bn); European Embedded Value (EEV) operating profit before tax up by 17% to £329m (2016: £282m); ProfitShare (after tax) distribution to eligible members rises to £142m (2016: £114m); Overall new business margins remained broadly in line with the prior period at 1.8% (2016: 1.9%4); IFRS transfer to the unallocated divisible surplus (before other comprehensive income) increase of £111m to £352m (2016: before change in estimate for Solvency II and other comprehensive income £241m); and Solvency II Standard Formula basis Investor View3 solvency surplus of £5.5bn (31 December 2016: £4.5bn) and a capital cover ratio of 235% (31 December 2016: 232%) before closed fund restrictions. New business review Intermediary business Individual Pensions including Drawdown new business sales1 were up by 68% to £6,339m (2016: £3,778m). Customers continued to take advantage of the pension freedoms, creating greater demand for our award-winning investment solutions and income drawdown product. Group Pensions new business sales1 were up by 12% to £4,346m (2016: £3,872m). In 2017 we were one of the leading providers of insurance-based new auto-enrolment pension schemes. Following the completion of the initial auto-enrolment staging programme in the UK we expect lower sales of workplace pensions in 2018 due to the reduced market size.
    [Show full text]
  • Asset Management
    ASSET MANAGEMENT RLUM LIMITED (THE “COMPANY”) UCITS SUMMARY REMUNERATION POLICY (THE “POLICY”) 1. Definitions The following definitions are deemed to apply for the purposes of this Policy: “AUTM” Authorised Unit Trust Manager of the Company. “ESMA Means the ESMA Guidelines on sound remuneration policies under Guidelines” the UCITS Directive. “Investment Means Royal London Asset Management Limited or any other Managers” person or persons for the time being duly appointed investment manager of the Company in succession to Royal London Asset Management Limited in accordance with the requirements of the Financial Services Authority and where the Investment Manager has delegated responsibility for the management of all or part of the assets of a sub-fund of the Company, the term Investment Manager shall also refer to the sub-investment manager of that particular sub-fund. “UCITS” Means an “Undertaking for Collective Investment in Transferable Securities”. “UCITS Directive” Means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as amended by Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 as regards depositary functions, remunerations policies and sanctions, including its mandatory implementing regulations on an EU or Home Member State level. 2. IntroduCtion The AUTM has put in place the policy for the AUTM that is in accordance with the requirements of SYSC 19E of the Senior Management Arrangements, Systems and Controls sourcebook of the Financial Conduct Authority Handbook and is line with the Royal London Group Remuneration Policy.
    [Show full text]
  • The Proposed Insurance Business Transfer Scheme Relating to the Transfer of Business from the Royal London Mutual Insurance Society Limited to Royal London DAC
    The proposed Insurance Business Transfer Scheme relating to the transfer of business from The Royal London Mutual Insurance Society Limited to Royal London DAC Report by the Chief Actuary of The Royal London Mutual Insurance Society Limited 3 October 2018 1 Contents 1 INTRODUCTION AND SUMMARY .................................................................................................... 4 1.1 Purpose ................................................................................................................................... 4 1.2 Background ............................................................................................................................. 5 1.3 Supporting documents and information ................................................................................ 7 1.4 Credentials and declaration of interest .................................................................................. 8 2 OUTLINE OF THE PROPOSED TRANSFER ......................................................................................... 8 2.1 Background information on RLMIS and Royal London DAC ................................................... 8 2.2 Summary of proposed Transfer .............................................................................................. 8 2.3 Financial impact .................................................................................................................... 11 2.4 Summary of proposed reinsurance agreements .................................................................
    [Show full text]
  • Recommended All-Share Acquisition of Friends Life Group Ltd (Scheme
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. PART II OF THIS DOCUMENT, TOGETHER WITH THE REST OF THIS DOCUMENT, COMPRISES AN EXPLANATORY STATEMENT IN COMPLIANCE WITH PART VIII OF THE COMPANIES (GUERNSEY) LAW, 2008 (AS AMENDED). This document relates to a proposed acquisition which, if implemented, will result in the cancellation of the listing of Friends Life Shares on the Official List and of trading of Friends Life Shares on the London Stock Exchange’s main market for listed securities. If you are in any doubt as to the action you should take, you should consult, and seek your own independent financial advice immediately from, your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if not, from another appropriately authorised independent financial adviser. If you sell, have sold or otherwise transferred all of your Friends Life Shares, please send this document, together with any accompanying documents (but not the accompanying personalised Forms of Proxy or Forms of Instruction), as soon as possible to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for onward delivery to the purchaser or transferee. If you have sold or otherwise transferred part of your holding of Friends Life Shares, please consult the bank, stockbroker or other agent through whom the sale or transfer was effected. The distribution of this document and any accompanying documents in jurisdictions other than the United Kingdom, the United States or Guernsey may be restricted by the laws of those jurisdictions and therefore persons into whose possession this document and any accompanying documents come should inform themselves about and observe any such restrictions.
    [Show full text]
  • Strategic Report with Supplementary Information 2013 Contents
    Strategic Report with Supplementary Information 2013 Contents STRATEGIC REPORT SUPPLEMENTARY INFORMATION Highlights 1 2013 Directors’ summary Chairman’s statement 2 remuneration report 40 Group Chief Executive’s Auditors’ report 47 statement 7 Summarised consolidated income Our business model and statement: EEV 48 strategy 10 Summarised consolidated statement Our resources and of comprehensive income: IFRS 49 responsibilities 12 Summarised consolidated balance Principal risks and uncertainties 13 sheet: IFRS 49 Business overview 16 Board of Directors 50 Our corporate responsibility 26 Notice of AGM 54 Group Finance Director’s review 31 Commentary on resolutions 55 2014 Financial calendar and Contact offices 56 ADDING VALUE FOR OUR MEMBERS Mutual dividend: £81m With-profits performance: 1.6% above benchmark Unit-linked pension funds: on average 2.1% above benchmark Award-winning customer service Royal London Group Strategic Report with Supplementary Information 2013 1 Highlights Returns to with-profit policyholders Mutual dividend allocated £81m (2012 £88m) Bonuses added to with-profit policies £318m (2012 £282m) Royal London with-profits fund investment performance 10.6% (2012 8.6%) Profitability EEV profit before tax and mutual dividend from continuing operations1 £551m (2012 £320m) IFRS result before tax and mutual dividend from continuing operations2 £530m (2012 £454m) Funds Group funds under management £73,598m (2012 £49,799m) EEV operating profit from continuing operations1 Mutual dividend £346m £88m £88m £322m £81m £228m 2011 2012 2013 2011 2012 2013 Regulatory (Insurance Group Directive) capital surplus Present value of continuing new life and pensions business premiums £2,749m £3,464m £3,160m £2,374m £2,893m £1,906m 2011 2012 2013 2011 2012 2013 1 2013 EEV results include £150m one-off gain arising on the acquisition of The Co-operative life, pensions and asset management.
    [Show full text]
  • Royal London Group Pension Scheme
    DocuSign Envelope ID: D71E0A06-FF28-46FB-89AE-C27E9EBE92C4E43BE5AA-2897-490C-AE16-3963C40D3819305B2E16-2517-4B33-B1EB-F0E05521A22B Royal London Group Pension Scheme Annual Report and Financial Statements for the year ended 31 December 2020 Scheme Registration Number: 100154281 DocuSign Envelope ID: D71E0A06-FF28-46FB-89AE-C27E9EBE92C4E43BE5AA-2897-490C-AE16-3963C40D3819305B2E16-2517-4B33-B1EB-F0E05521A22B Royal London Group Pension Scheme Annual report and financial statements for the year ended 31 December 2020 Contents Page Trustee and advisers 1 Trustee’s report 2 Independent Auditors’ report 17 Fund account 20 Statement of net assets available for benefits 21 Notes to the financial statements 22 Independent Auditors’ statement about contributions 44 Summary of contributions 45 Actuarial certificate 46 Implementation statement 47 Further information 53 DocuSign Envelope ID: D71E0A06-FF28-46FB-89AE-C27E9EBE92C4E43BE5AA-2897-490C-AE16-3963C40D3819305B2E16-2517-4B33-B1EB-F0E05521A22B Royal London Group Pension Scheme Annual report and financial statements for the year ended 31 December 2020 Trustee and advisers Corporate Trustee RLGPS Trustee Limited Directors of the Corporate Employer nominated Trustee (“Trustee Directors”) Andrew Evans (Chair) (Independent Trustee) Ewan Smith (Deferred member) Martin Lewis The Law Debenture Pension Trust Corporation plc represented by Edward Levy (Independent Trustee) Member nominated Ian Forder (Pensioner member) Paul McHardy (Deferred member) Scheme actuary Andrew Long FIA of Towers Watson Limited
    [Show full text]
  • Royal London Asset Management (RLAM) Is the Asset Management Arm of the Royal London Group, the United Kingdom’S Largest Mutual Insurance Company
    22nd Floor, Miller Street, Manchester, UK M60 0AL t: +44 (0)16 1903 6813 f: +44(0) 20 7507 6500 www.rlam.co.uk 3 March 2014 Director General Marketplace Framework Policy Branch Industry Canada 235 Queen Street, 10th Floor Ottawa, Ontario Canada K1A 0H5 Submitted by Email: [email protected] Consultation on the Canada Business Corporations Act We are pleased to submit our comments regarding the proposed amendments to the Canada Business Corporations Act (CBCA). Royal London Asset Management (RLAM) is the asset management arm of the Royal London Group, the United Kingdom’s largest mutual insurance company. We manage approximately £72 billion in assets on behalf of the Group and a wide range of external institutional and wholesale clients. While our focus has traditionally been on corporate governance in the UK market, we hold shares in several dozen large Canadian companies and have an interest in ensuring Canadian companies implement high standards of corporate governance. We believe good corporate governance is fundamental to company performance and welcome the opportunity to comment on the proposed changes to the CBCA. Below we outline our response to the consultation. In general, we view the statutory corporate governance requirements in Canada to be lagging behind similar requirements in the UK. We are pleased that the consultation addresses several issues that are long overdue for review (and that are common practice in the UK), such as majority voting, annual director elections and voting on a poll. We do not intend to provide a comprehensive response to each issue, but want to use this as an opportunity to signal our support for corporate governance reform in Canada.
    [Show full text]