05 June 2014

Financial News Awards 2014

Financial News Awards 2014

We are delighted to announce that we won an award for Best Pension Scheme Governance for the Legal & General WorkSave Mastertrust at this month's Financial News Awards.

We tied for first place with the Aviva Staff Pension Scheme but are especially proud because our scheme is a commercial pension scheme rather than one run by a parent company for its staff.

Our nomination reflects some key initiatives:

  • We were the first Mastertrust to introduce shared governance, where we work in collaboration with employers' governance committees to develop investment and communications strategies specific to their membership demographic, rather than impose a one size fits all policy.
  • We were the first to introduce a participant user group, a forum to give a stronger voice to our participants' senior pension and HR personnel, which helps to inform strategic objectives and has influenced administrative priorities.
  • In September we will have our inaugural member AGM, a forum that we hope will lead to a direct, two way dialogue between the trustees and member representatives.

Our Mastertrust is chaired by independent trustee, Paul Trickett, who has been involved in the UK pensions and investment industry for over 25 years with Goldman Sachs and Towers Watson, and as Chief Executive of the British Coal pension schemes.

"This award recognises our collaborative approach to scheme governance,' commented Paul McBride, Director of Legal & General Trustees Limited. 'It is recognition by our industry peers that the master trust concept has struck a chord with pension scheme managers, something we hope will make it an increasingly popular option in the future. Most importantly, it recognises our participants' contribution to the governance process."

The winners were decided by a panel of 48 industry practitioners from a shortlist chosen by the Financial News editorial team.

The awards ceremony was held at the Banking Hall in London on 14 May with Lord Hutton as guest speaker.