The Natwest Group Pension Fund has announced that Robert Waugh is to retire as chief executive and co-chief investment officer at the end of March after 13 years.
The pension fund revealed that Robert Chestnutt, head of funding and risk at RBS Investment Executive (RIEL) – the trustee’s executive support function – will take over as chief executive while Nic Barnes of RIEL becomes the sole CIO.
To ensure a seamless transition, Waugh will remain in his role until March to assist the trustees with an orderly transfer of responsibilities, serving as an adviser to RIEL and the trustees through to the end of June.
Joanna Matthews, chairman of the trustee board, heaped praise on Waugh. “As the leader of Natwest Group Pension Fund, Robert successfully executed an historic turnaround, taking the fund from a troubled position post the global financial crisis to a fully funded position today.”
Matthews also listed Waugh’s successful oversight of the outsourcing of the administration services and a significant improvement in member options and service as among his other achievements.
“He has built a first class team in RIEL who will continue to progress the fund for the benefit of the members,” she added.
Waugh said: “It has been a true privilege and honour to work on behalf of our 200,000 fund members to ensure the security of their pensions. I am incredibly proud of all that our team has achieved over my 13 years with RIEL.”
He also listed digitising the fund’s member offering, re-allocating resources to increase support for vulnerable members, increasing member education and options, and being active in ESG investments, as his key achievements.
Chestnutt added: “I am excited to be taking on the CEO role at this time and will continue to focus on improving outcomes for our members.”
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