12 February 2014

Legal & General announce plans for first pension member AGM

The Trustees of the Legal & General Mastertrust plan to invite scheme members to attend a Mastertrust Annual General Meeting (MAGM) during 2014.

The aim of the MAGM would be to provide a forum in which pension savers in Mastertrust schemes would have the opportunity to hear from their provider about how their retirement savings are invested and governed. It would also provide a platform for our scheme members to have a 'voice' to communicate any key issues that they might want to raise with the trustees and governing body.

This initiative supplements the Legal & General Mastertrust Employer Group (MEG), formed in January 2013 to create an opportunity for its Mastertrust employers to improve scheme governance through close and open collaboration.

Since that meeting the Mastertrust group has developed into a strong collaborative structure working together to deal with issues and develop a group approach to governance.

As the MEG approaches its first anniversary, the Mastertrust Trustees plan to take a further step in their collaborative approach to scheme governance by inviting pension scheme members to actively participate in the decision making processes.

Catherine Howarth, CEO ShareAction commented: "I am delighted that Legal & General have taken up the challenge to hold a 'Members' AGM'. This is really good news and a truly fantastic opportunity to embark on a new era in pension governance where consumers are welcome to participate in the way their pensions are managed, and have greater insight into the way their scheme is run."

Paul Trickett, new independent chairman of Legal & General's WorkSave Mastertrust.

Independent chairman of Legal & General's WorkSave Mastertrust. Paul Trickett said: "Our MEG is a unique and forward looking forum with a strong list of participants that continues to grow. We now believe the time is right to take our collaborative approach to scheme governance further.

We would like to invite Mastertrust scheme members to participate in an open meeting at which they will be able to find out more about how their scheme operates and raise any issues which are of concern to them. We are excited about this new idea and look forward to putting the details together with MEG participants in the coming weeks."

MEG is a forum, open to all participating employers, whose principal aims are:

  • To improve governance visibility and accountability
  • To shape future scheme developments
  • To act as a unified voice representing hundreds of thousands of members

Mastertrust employers interested in joining MEG should contact Legal & General Workplace Savings.