How your Trustees help you
The NatWest Group Pension Fund is looked after by the Trustee Board.
The Trustee Board’s role is to manage the Fund. It’s responsible for making sure that the Fund is run well and managed to a high standard, and that members’ benefits are paid according to the Trust Deed & Rules.
How the Trustee Board works
The Trustee Board has three committees, each responsible for managing a different area of the Fund:
- Member Experience Committee (MEXCO)
- Asset & Liability Committee (ALCO)
- Risk & Audit Committee (RAC)
The Trustee Board is also supported day-to-day by the RBS Investment Executive Ltd (RIEL). This group was set up in 2010 to support the Trustees in managing the Fund’s assets. It’s made up of nine employees, led by the Chief Investment Officer and the Chief Executive Officer of the Fund.
Who sits on the Trustee Board
The Trustee Board is made up of ten Trustee Directors. Four of these Directors are appointed by a selection process. The bank nominates the other six – and three of those six are independent Trustees.
The Trustee Directors must work together in the areas of investment, funding, risk management and administration.
The Trustee Board
Joanna Matthews
- Chair (from March 2022)
- Independent Trustee
- Appointed September 2020
Peter Walker
- Member-nominated Trustee
- Appointed March 2018
Nick Mustoe
- Bank-nominated Trustee
- Appointed March 2022
David England
- Member-nominated Trustee
- Appointed March 2018
Vivien Cockerill
- Independent Trustee
- Appointed June 2022
Victoria North
- Bank-nominated Trustee
- Appointed December 2016
Jenny Wood
- Bank-nominated Trustee
- Appointed July 2021
Vacancy
- Bank-nominated Trustee
Ian Cooper
- Member-nominated Trustee
- Appointed July 2021
Doug Heron
- Member-nominated Trustee
- Appointed March 2020
Wendy Tavendale
- Fund Secretary
- Committees
The Trustee Board has three standing committees: the Member Experience Committee, the Asset & Liability Committee and the Risk & Audit Committee. The Trustee Board and its committees are also supported by external advisers.
RBS Investment Executive Limited
The Trustee Board is supported by RBS Investment Executive Ltd (RIEL), a team of nine employees headed by the Chief Investment Officer.
Robert Waugh
Chief Executive Officer/Chief Investment Officer
Robert Chestnutt
Head of Risk and Funding
Nic Barnes
Co-CIO of RIEL
Nathan Townsend
Head of Legal, Compliance and Operational Risk
Lorna Stewart Hussey
Head of Pensions Administration