Legal & General has appointed Robert Waugh as the new chair of Trustees for the L&G Mastertrust.
Waugh has more than 35 years of expertise in investments and pensions. Most recently, he served as the CEO and CIO of the NatWest Group Pension Fund, where he played a key role in the scheme’s asset growth and increased funding level throughout his 13-year tenure. Waugh expanded the scheme’s exposure to alternatives like wind farms, forestry, anaerobic digestion, and net zero retirement communities when he was at NatWest.
Waugh replaces Dermot Courtier, who joined in 2017 and will be stepping down on the 30th June 2023 after two terms.
Legal & General Investment Management (LGIM) co-heads of defined contribution Rita Butler-Jones and Stuart Murphy says: “We are absolutely thrilled with Robert’s appointment as the new chair of the L&G 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 L&G, we would like to thank Dermot for his hard work and dedication to the L&G Mastertrust and wish him all the best for his future endeavours and forthcoming retirement.”
Legal & General Mastertrust outgoing chair of trustees Dermot Courtier says: “It has been a privilege to serve as the Chair of Trustees over the past two terms. As I step down, I believe the L&G Mastertrust is in a position of real strength and I wish Robert and the board all the best in this next chapter.”
Waugh says: “I am delighted to be joining the L&G 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.”
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