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NatWest Group Pension Fund
The NatWest Group Pension Fund was established in 2002. It serves as the defined benefit scheme for employees of NatWest Group, its sponsoring employer.
NatWest Group Pension Fund
The NatWest Group Pension Fund was established in 2002. It serves as the defined benefit scheme for employees of NatWest Group, its sponsoring employer. Robert Waugh leads investment decisions while Joanna Matthews chairs the trustee board. The fund allocates to private equity through commitments including Apollo Global Management and Captiva Investment Management. It holds a 25 percent stake in South East Water and previously owned 50 percent of Phoenix Energy. Real estate exposure includes the Inspired Villages joint venture with Legal & General and a US residential rental portfolio of roughly 2,500 homes. Geographic reach centers on the United Kingdom with additional holdings in the United States and Northern Ireland. Assets total $1.5 billion per the research record. The fund uses bulk annuity policies valued at $12 billion to cover longevity risk. It maintains membership in the Institutional Investors Group on Climate Change. Service providers include RBS Investment Executive Limited and Aon Limited. The trustee structure separates governance from the sponsor through NatWest Pension Trustee Limited, with investment advice routed via RBS Investment Executive Limited since 2010.
General information
Firm type
Pension Fund
Year founded
2002
Location
Region
Europe
Country
United Kingdom
City
Redhill
Corporate office
Redhill, United Kingdom
Principals
Robert Waugh
CEO and Co-Chief Investment Officer
Joanna Matthews
Chair of NatWest Pension Trustee Limited
Sector focus
Frequently asked questions
Who runs investment decisions at NatWest Group Pension Fund?
Robert Waugh serves as CEO and Co-Chief Investment Officer. Joanna Matthews chairs NatWest Pension Trustee Limited. RBS Investment Executive Limited provides ongoing investment advice.
Does NatWest Group Pension Fund participate in fund commitments or only direct deals?
The fund holds limited partner positions in private equity vehicles including Apollo Global Management. It also maintains direct ownership in operating businesses such as South East Water.
What asset classes receive allocations from the fund?
Allocations include private equity at roughly 2 to 4 percent across reported sleeves. Real estate appears through joint ventures and direct portfolios. Longevity buy-in policies hedge a substantial portion of liabilities.
How is the fund related to NatWest Group?
NatWest Group acts as the sponsoring employer. The pension scheme operates separately under NatWest Pension Trustee Limited.
Where does the fund maintain geographic exposure?
Core holdings sit in the United Kingdom. Additional positions exist in the United States through residential rentals and in Northern Ireland through prior utility ownership.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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