LEGAL & GENERAL ANNOUNCES PLANS FOR FIRST PENSION MEMBER AGM.
04 December 2013
The Trustees of the Legal & General Mastertrust plan to invite scheme members to attend a Mastertrust Annual General Meeting (MAGM) during 2014.
The aim of the MAGM would be to provide a forum in which pension savers in Mastertrust schemes would have the opportunity to hear from their provider about how their retirement savings are invested and governed.
It would also provide a platform for our scheme members to have a ‘voice’ to communicate any key issues that they might want to raise with the trustees and governing body.
This initiative supplements the Legal & General Mastertrust Employer Group, formed in January to create an opportunity for its Mastertrust employers to improve scheme governance through close and open collaboration.
Since that meeting the Mastertrust group has developed into a strong collaborative structure working together to deal with issues and develop a group approach to governance.
As the MEG approaches its first anniversary, the Mastertrust Trustees plan to take a further step in their collaborative approach to scheme governance by inviting pension scheme members to actively participate in the decision making processes.
Catherine Howarth, CEO ShareAction commented: “I am delighted that Legal & General have taken up the challenge to hold a ‘Members’ AGM’.
This is really good news and a truly fantastic opportunity to embark on a new era in pension governance where consumers are welcome to participate in the way their pensions are managed, and have greater insight into the way their scheme is run".
Independent chairman of Legal & General’s WorkSave Mastertrust. Paul Trickett said: “Our MEG is a unique and forward looking forum with a strong list of participants that continues to grow.
We now believe the time is right to take our collaborative approach to scheme governance further.
We would like to invite Mastertrust scheme members to participate in an open meeting at which they will be able to find out more about how their scheme operates and raise any issues which are of concern to them.
We are excited about this new idea and look forward to putting the details together with MEG participants in the coming weeks.”
MEG is a forum, open to all participating employers, whose principal aims are:
- To improve governance visibility and accountability
- To shape future scheme developments
- To act as a unified voice representing hundreds of thousands of members
Mastertrust employers interested in joining MEG should contact Legal & General Workplace Savings.
Notes to editors
Legal & General:
The Legal & General Group, established in 1836, is one of the UK’s leading financial services companies.
As at 30 June 2013, we were responsible for investing £440 billion worldwide on behalf of investors, policyholders and shareholders.
We also had over 7.3 million customers in the UK for our life assurance, pensions, investments and general insurance plans.
Legal & General Workplace Savings is a member of The Master Trust Association (MTA), which promotes best practice within Mastertrusts. Its members are drawn from Mastertrust providers across the industry. The MTA aims to optimise member outcomes and scheme governance.
Workplace Savings was named Auto Enrolment Provider of the Year by the FT Pensions and Investment Provider Awards (2013), Corporate Platform/Wrap Provider of the Year in the Professional Pensions Awards (2013) and Workplace Savings Provider of the Year in the Workplace Savings and Benefits Awards (2013).
Catherine joined ShareAction in July 2008, having previously been the founder and lead organiser of West London Citizens. Earlier in her career she was Senior Researcher at the New Policy Institute.
Catherine is a board member of Green Alliance. She was a Member Nominated Trustee of The Pensions Trust (the multi-employer pension scheme for the UK's not-for-profit sector) for five years until spring 2013. She served for four years on The Pensions Trust's Investment Committee.
Paul has been involved in the UK pensions and investment industry for over 25 years.
Prior to joining Legal & General as Independent Chairman of our Mastertrust, he was Managing Director at Goldman Sachs Asset Management from 2011 to 2013, before which he spent 13 years at Watson Wyatt/Towers Watson where he was head of the EMEA investment consulting business. Prior to this he was Chief Executive of the British Coal pension schemes.
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