Looking after your pension
It takes a lot of people to make sure that your pension scheme is efficiently run. Here’s an overview of their roles
The Mastertrust is managed by an independent Board of Trustees with a wealth of pensions experience. Their role is to look after your interests and ensure that the scheme gives you value for money. For further information, see Your Trustees.
The Trustees follow these ten principles of good governance:
1. A clear purpose
2. Clear roles, responsibilities and defined governance structures
3. Skilled, engaged and diverse board
4. Robust Mastertrust risk management
5. Financial sustainability
6. Defining and measuring Value for Members
7. Effective management of service providers and independent advisers
8. Effective member engagement
9. Effective employer engagement
10. Effective engagement with regulators and policymakers
The scheme is administered by Legal & General Assurance Society (LGAS) on behalf of the Trustees. LGAS provides administrative services such as collecting and investing contributions and paying members’ benefits within set time limits. The rules of the scheme allow the Trustees to appoint alternative administrators if they consider it necessary.
Pension Scheme Management Team
The Trustees have a Pension Scheme Management Team, which includes a Pension Scheme Director and two Pension Scheme Managers, to support them with the smooth-running of the Mastertrust. This team works closely with the Trustees and Legal & General to co-ordinate and ensure the delivery of the requirements for the Mastertrust. The team also monitors the Mastertrust’s performance to keep it in its market-leading position.
Clerical duties such as record-keeping, policy review and accounting are provided by Legal & General’s Group Secretariat service. This expert service provides the highest standards of corporate governance practice and gives the trustees a direct line of contact to Legal & General’s Board of Directors.
The Mastertrust employs external advisers to ensure objectivity, impartiality and independent expertise. These are:
- Independent investment adviser: Hymans Robertson
- Scheme auditor: KPMG
- Legal advisers: Pinsent Masons
Mastertrust Employer Group
All participating employers are invited to join the Mastertrust Employer Group which is a Trustee-led forum that focuses on scheme matters, forthcoming regulatory change and member communications. Input into the agenda is invited from all participants and guest speakers are regularly invited to cover topical matters in person.
Mastertrust Annual Members’ Forum
All members of the scheme are invited to an annual members’ forum to hear directly from the Trustees about how the Mastertrust is performing, new developments, matters of corporate social responsibility and how the scheme is being managed.