Aegon announces master trust board shake-up

For intermediaries only

The Aegon Master Trust will move from an affiliate board structure to fully independent, recruiting a further trustee as part of the process.

The move comes in response to client and consultant feedback, and is designed to bring additional external oversight and expertise.

The master trust is specifically looking for a trustee with investment experience, particularly in relation to ESG considerations as it increases its ESG strategy exposure.

The BlackRock LifePath default fund will invest more than half of assets in such strategies by the end of the first quarter next year.

Aegon workplace managing director Linda Whorlow said:"As part of the recruitment process we are looking for a trustee with extensive investment experience, centred around the ESG considerations in workplace pensions which will be a valuable addition to an already diverse and highly regarded board.

"We believe there are many merits to an affiliate structure, not least the ability of the Aegon trustees to bring real time information on what's happening in the business to the board, which was particularly valuable during the authorisation process and in the early phases of the coronavirus pandemic.

"As a result, our affiliate trustees, Ronnie Taylor and Phil Tervit, will stand down as trustees but continue to work closely with the board to ensure a smooth transition as we implement the new structure."

Despite Taylor and Tervit's departure, trustee chairman Ian Pittaway said member voices would continue to be involved.

Speaking at an Aegon event yesterday (3 December), he said the two had helped"champion our cause" within Aegon. He added:"The two individuals will remain intricately involved, they will still be champions, and we will be able to get things done when we need to get things done.

"This is more of an evolution than a revolution."


This article was written by James Phillips from Professional Pensions and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to