The new Chair of the Mastertrust is announced
Legal & General has announced the appointment of Robert Waugh as the new Chair of Trustees for the Legal & General Mastertrust, the largest commercial master trust in the UK market, effective from the 1 July 2023.
Robert has over 35 years of investment and pensions experience, most recently as the CEO and CIO of the NatWest Group Pension Fund, where he was instrumental in the growth of the scheme’s assets and improved funding level over the course of his 13 year tenure.
During his time at NatWest, Robert increased the scheme’s exposure to alternatives such as wind farms, forestry, anaerobic digestion and net zero retirement villages, demonstrating his expertise and proven track record in allocating capital sustainably across private markets. He joins the Legal & General Mastertrust Board at an exciting time for the scheme, with the integration of private markets viewed as a key strategic priority in delivering the net zero agenda and increasing diversification across asset classes.
Robert replaces Dermot Courtier, who is stepping down on the 30 June 2023 after two terms as the Chair of Trustees, having joined in 2017. During his time on the Board, Dermot successfully led the Mastertrust to secure ‘Authorisation’ and supported employers and members to navigate periods of prolonged market volatility and economic uncertainty, including the COVID-19 pandemic and the ongoing cost-of-living crisis.
Rita Butler-Jones and Stuart Murphy, Co-Heads of Defined Contribution at Legal & General Investment Management (LGIM), said: “We are absolutely thrilled with Robert’s appointment as the new Chair of the Legal & General Mastertrust. His 35 years of investment experience, particularly across asset allocation, sustainability and private markets, will be invaluable in delivering on our net zero commitments and driving value for our members.
“On behalf of Legal & General, we would like to thank Dermot for his hard work and dedication to the Legal & General Mastertrust and wish him all the best for his future endeavours and forthcoming retirement.”
Robert has held a number of roles as a Non-Executive Director across the industry, most recently serving on the Board for the Pensions and Lifetime Savings Association’s (PLSA) Cost Transparency Initiative between 2018 and 2022, which delivered a pensions industry standard on transparency and cost analysis. Prior to that, Robert worked as a Trustee – and latterly as the Chair – for the Defined Contribution RBS Retirement Savings Plan between 2010 and 2017.
I am delighted to be joining the Legal & General Mastertrust as Chair of Trustees. Whether it be incorporating private markets into DC pensions, delivering on the Mastertrust’s sustainability objectives or scrutinising value for money, our focus will be on continuing to deliver for the Mastertrust’s members and participating employers, helping to secure the retirement outcomes that members deserve.
Incoming Chair of the Legal & General Mastertrust
Dermot Courtier, outgoing Chair of Trustees of the Legal & General Mastertrust, commented: “It has been a privilege to serve as the Chair of Trustees over the past two terms. As I step down, I believe the Legal & General Mastertrust is in a position of real strength and I wish Robert and the Board all the best in this next chapter.”