Committees

Three specialist committees meet regularly to focus on the main aspects of running the Mastertrust.

Running a pension scheme is a very complex business and so the Trustees and representatives of Legal & General meet regularly to keep it under continual review.

And because there’s so much to discuss, the work is split between committees. Each committee provides focus and expert oversight on one of three areas that are essential to the successful management of the Mastertrust.

Each committee is represented by at least three Trustees and the Mastertrust Chair will aim to join the committee meetings regularly as well. Representatives formally report back to the full Board of Trustees on what was discussed and the actions that were approved. The three committees are:

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Member Experience Committee
Responsible for:
- overseeing the delivery of the entire member savings journey, and monitoring the experience and satisfaction of members throughout
- reviewing and approving member communications and supporting member and client engagement campaigns where required
- overseeing administrative processes and performance against agreed service levels
- reviewing and approving discretionary payments in the event of a member’s death
Investment Committee
Responsible for:
- supporting the Trustees in satisfying the requirements of their Statement of Investment Principles by providing analysis of the available funds and related services
- reviewing and approving the sole governance default range and the self-select sole governance fund ranges triennially, or more frequently as required
- overseeing and approving the Taskforce on Climate-related Financial Disclosures (TCFD) reporting
- setting strategic objectives for its Investment Adviser and receiving updates from the Pension Scheme Director against the performance of those objectives conducted. Monitoring the performance of, and conducting a market review of, the Investment Adviser every three years (full market review every six years) and making recommendations to the Trustee Board
- carrying out a strategic review of all Mastertrust investments at least every three years
Governance, Risk and Audit Committee
Responsible for:
- ensuring the governance of the scheme is of the highest standard
- assessing and managing potential risks to members
- overseeing that the scheme has effective internal controls, i.e. through the review of internal and external audits
- managing the relationship with The Pensions Regulator and ensuring the scheme continues to meet the master trust authorisation criteria

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Committees

Responsible for:

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Value for money

Looking after your pension

Your Trustees