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

Joanna Matthews

  • Chair (from March 2022)
  • Independent Trustee
  • Appointed September 2020
Peter Walker

Peter Walker

  • Member-nominated Trustee
  • Appointed March 2018
Nick Mustoe

Nick Mustoe

  • Bank-nominated Trustee
  • Appointed March 2022
David England

David England

  • Member-nominated Trustee
  • Appointed March 2018
Nicki Mortimer

Nicki Mortimer

  • Independent Trustee
  • Appointed March 2016
Victoria North

Victoria North

  • Bank-nominated Trustee
  • Appointed December 2016
Jenny Wood

Jenny Wood

  • Bank-nominated Trustee
  • Appointed July 2021
Susan Fouquier

Susan Fouquier

  • Bank-nominated Trustee
  • Appointed November 2019
Ian Cooper

Ian Cooper

  • Member-nominated Trustee
  • Appointed July 2021
Doug Heron

Doug Heron

  • Member-nominated Trustee
  • Appointed March 2020
Wendy Tavendale

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

Robert Waugh

Chief Executive Officer/Chief Investment Officer

Robert Chestnutt

Robert Chestnutt

Head of Risk and Funding

Nic Barnes

Nic Barnes

Co-CIO of RIEL

Nathan Townsend

Nathan Townsend

Head of Legal, Compliance and Operational Risk

Lorna Stewart Hussey

Lorna Stewart Hussey

Head of Pensions Administration