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Value For Money For Pension Scheme Members

Governance Advisory Arrangement (GAA)

For NFU Mutual customers where your personal pension plan policy is, or was, part of a group arrangement i.e. where your employer paid across contributions via payroll for 2 or more employees, then it is treated by the financial authorities as a “workplace pension scheme”.

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. NFU Mutual appointed Pitmans Trustees Limited (PTL) to establish this committee, which is called a Governance Advisory Arrangement (GAA). More information about PTL is available from their website

The main role of the GAA is to assess the ongoing value for money for pension scheme members, and raise with the provider any concerns it may have. The full terms of reference of the GAA are available here. The GAA annual report can be viewed here. If the provider does not address the concerns to the satisfaction of the GAA, the GAA can escalate those concerns to the Financial Conduct Authority. Each year, starting from April 2016, the GAA will openly publish an annual report on its work.

As a member, you are able to make your representations on any aspect of your pension policy known directly to the GAA, but please note that they are not able to deal with individual complaints. If you wish to make a representation to the GAA, please email to If your representation is a query or complaint, we will deal with it under our usual process, but 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.

You should be aware that the value of your investment and any income from it may go down as well as up and you may get back less than invested.

The tax treatment of pensions depends on individual circumstances and may be subject to change.

Talk to the experts

Our Financial Advisers* can offer expert, personalised advice to help make saving for your retirement as easy and practical as possible.


*Please note:

When you contact us we'll explain the advice services we offer and our charges. NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers.

For security and training purposes, calls may be recorded and monitored.