It highlights key information specific to individual businesses including the number of active employees in a scheme, their average term to retirement, average fund value, and details on monthly contributions from employers and employees.

In addition, the report provides a summary of the funds that pension savings are invested in as well as important information about the way in which the scheme is managed by Scottish Widows. Important guidance is also available to employers as they seek to engage with their employees about their company pension.

Scottish Widows claims the reports add an additional layer of governance to group personal pension schemes, encouraging oversight from both independent committee and individual client levels.

Pete Glancy, head of industry development at Scottish Widows, said: “Our group personal pensions operate within a tightly regulated and supervised environment, and the recent introduction of independent governance committees adds an additional layer of expert oversight to these schemes.

“Nonetheless, we recognise that some aspects of governance are best managed at individual client level, with business leaders looking to ensure that both their business and its workforce get the best possible return from their pension scheme.

“In an ever-changing industry it is vital that employers remain confident in the benefits of their corporate pension scheme, aware of the changes that might affect them and able to communicate relevant information to their employees. Our Corporate Pensions Governance Reports offer this additional level support to employers by providing specific and tailored information about their scheme as well as general industry insight and details of our own service commitment.”