Independent Trustees

When you're choosing a Master Trust, nothing is more important than finding Trustees with the experience, vision and commitment to give you genuine confidence. This is what the Aviva Master Trust delivers for you.

The Trustees govern the Trust and are responsible for everything, from member communications to deciding which investments to make available to members.

The five members of the Aviva Master Trust board are all established and highly respected leaders from varying fields within the pensions industry.

All of the Trustees have worked within the UK pensions industry in various capacities for a considerable length of time and can demonstrate a varied set of appropriate skills.

In addition, each Trustee has their own specialist pensions background with complementary expertise - providing a broad diversity of experience on the Trustee Board. They are all committed to providing exceptional service for members.

Read more about the Trustees and their experience below:

Meet the Trustees

Elizabeth Renshaw-Ames

Elizabeth is Chair of the Trustee Board and has held roles within the workplace pensions and savings industry for over 20 years, and was shortlisted for Professional Pensions Personality of the Year 2020. She was for many years the Chief Executive of the HSBC Bank Pension Trust (UK) Limited. Elizabeth is also the current non-executive Chair of Barnett Waddingham LLP’s Management Board. She is a fellow of the Institute of Chartered Accountants in England and Wales.

Colin Richardson

Colin is a leading professional Trustee representing PTL Governance Limited since 2014 and was chair of the Aviva Master Trust from inception to May 2020. Colin is an actuary and worked as an employee benefit consultant. He has a wealth of experience on DC Master Trust, single employer trusts and hybrid schemes. He is accredited by the Association of Professional Pension Trustees (APPT) and holds the Pensions Management Institute Trustee Certificate. Colin was voted the Pensions Insight DC Professional Trustee of the Year.

Rebecca Cooke

Rebecca is Chair of the Trustees’ Audit and Risk Committee and worked as a solicitor in private practice for more than 30 years focusing on pensions law and with a specific interest in trustee governance and pensions for not-for-profit organisations. She was appointed as a trustee to the Aviva Master Trust in 2015 and has detailed knowledge of Aviva’s processes.

Jonathan Parker

Jonathan is Chair of the Trustees' Investment Committee. He has worked in the workplace pensions and savings industry for over 20 years. He is currently Head of DC and Financial Wellbeing at financial advice group Redington, as well as being a Trustee of Aviva Master Trust. Before taking on these roles, Jonathan held senior positions in insurance, consulting and asset management.

Tilly Ross

Tilly is Chair of the Trustees' Member Experience and Communications Committee. She is a qualified actuary and pensions professional. Tilly is an accomplished non-executive on boards and committees and has 25 years' experience. She was a non-executive director of the Pensions Regulator up to April 2020. Tilly was Global Head of Pensions at National Grid PLC.

Taking action to help scheme members

Providing support during the pandemic

During the initial COVID-19 lockdown period, the Trustees held weekly calls to ensure continuity of service to members, as well as developing a plan to deal with contingencies and reviewing COVID-19 measures and risks.

The Trustees’ work has shown that Aviva has been successful in its response to the pandemic and its contingency planning, receiving excellent feedback on its ability to continue normal service. Aviva was able to move staff to working from home without significantly impacting customer service and adapted to the Trustees' requirement for additional management information.

The Trustees have also reviewed their own effectiveness and delegation processes in the light of the pandemic and they made appropriate changes to ensure that they could continue to operate fully and effectively at all times.

Clear communication in difficult times

The Trustees recognised the importance of providing communications to offer assistance and guidance to both employers and employees, concerning the potential impact of the pandemic.

Communications to employers included input on how COVID-19 and the consequent furlough scheme might impact their obligations to employees. Scheme members received messages of reassurance on market volatility, warnings about scams and signposting to helpful external services such as Pensions Wise. They were also encouraged to obtain advice before making decisions, and offered links to a newly set up specific COVID-19 member hub for further assistance.

Responsible investment

The integration of ESG — environmental, social and governance — concerns in investment is one of the most topical and relevant issues facing pension scheme trustees and members.

Following challenge from the Trustees, Aviva has worked with fund manager BlackRock to integrate ESG factors into the My Future default strategy.

For both of these reasons the Trustees have taken firm steps to develop the default strategies of the Scheme, as well as the funds available for members to self-select, to enhance the consideration and management of ESG factors:

My Future Focus

Aviva made changes to My Future Focus, the new standard default strategy for the Scheme, to integrate ESG factors into its management, in line with the Trustees’ ESG investment belief. My Future Focus is managed by Aviva Investors, Aviva's dedicated fund manager.

Reflecting the ‘fund of funds’ structure of My Future Focus, these changes saw the inclusion of a number of actively managed funds where ESG factors are fully incorporated into the investment process. Aviva also made changes to the make-up of those funds which aren't actively managed, tilting the investment balance of regional index tracker equity funds towards companies with higher ESG scores.

The Trustees have decided to select My Future Focus as the new standard Default investment solution for the Aviva Master Trust.

My Future

Reflecting our focus on ESG, My Future now invests in the BlackRock World ESG Insights Equity Strategy. Aviva worked in conjunction with global fund manager BlackRock, who oversees the asset allocation of My Future and who manages the BlackRock World ESG Insights Equity Strategy, to design the strategy. The BlackRock World ESG Insights Equity Strategy seeks to improve its exposure to companies with higher ESG scores, based on BlackRock's assessment across a range of ESG criteria.

Aviva Stewardship Funds and lifestyle strategy

The Trustees' approach to ESG considerations was also reflected in the addition of Aviva's Stewardship Funds - which are managed by Aviva Investors, Aviva's dedicated asset manager, and which were the first ethical funds of their kind in the UK, to the range of funds that members can self-select. The Trustees also introduced the Aviva Stewardship Lifestyle option, which allows members to invest ethically with the confidence that there is automatic rebalancing to less volatile investments as they get closer to retirement.

The Stewardship Funds, which as mentioned are managed by Aviva's dedicated fund manager Aviva Investors, combine more traditional ethical exclusions with the integration of ESG factors into their investment decision-making process and management.

The value of an investment can fall as well as rise, members could get back less than invested.

Championing clear communication

Our Trustees are united in their ambition to provide the highest quality member communications. This crucial area of activity will be a major focus for the Trustees and for Aviva over the next 12 months.

The Trustees consider Aviva’s suite of communications to be both high in quality and comprehensive — but they’re keen to make further improvements, particularly in the way Scheme members can interact online with Aviva in the years leading up to retirement.

The Trustees have highlighted further improving the member experience and engagement with both employers and members as priorities over the next year. They intend to:

Enhance the journey for Aviva Master Trust members at all life stages, with particular emphasis on those aged 50 and over, and on members wishing to take advantage of flexi-access drawdown.
Help members engage more with their pensions and to increase their understanding and awareness of long-term savings for retirement. They firmly believe that increased engagement leads to better outcomes.

Finding out what employers and members really want

The Trustees are passionate about gaining a better understanding of members’ desired outcomes, through careful analysis of member demographics and behaviours. They will use this insight to identify key areas for change. In the first half of 2021, the Trustees surveyed members on their priorities when it comes to pensions to learn more about members' priorities and to ensure they are providing support and communications.

The Trustees will also be hosting regular hour-long webinars presenting current topics of interest to employers, as well as holding a Q&A session where employers can speak directly to the board and experts from Aviva. They are keen to meet with client employers and attend employer governance meetings where relevant.

Business perspectives

Expert business insight and analysis

Health & Wellbeing / 19 May 2022

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Good medicine: what we can all learn from ‘social prescribing’

Social prescribing is a term that’s gradually becoming better known. It’s a way of describing the process of a GP or other NHS professional referring a patient to non-clinical services to help with their health and wellbeing.

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26 Apr 2022

Partner up to tame down workplace stress and anxiety

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Pension / 22 Apr 2022

Taking your employees from work to retirement with an Aviva workplace pension

How does your workforce turn their pension pot into money in their pocket?

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Pension / 21 Apr 2022

What’s driving the move to master trust?

What's the attraction?

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6 Apr 2022

Seven ways to manage stress and anxiety

Life has the ability to put a spanner in the works at any time, so it’s normal that you and your employees could feel stressed from time to time.

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6 Apr 2022

Tune in, drop out disengagement: 5 ways to connect on ESG pensions

If members could watch their pension as a TV show, would they change the channel or have their nose to the screen?

Tune in now

Health & Wellbeing / 22 Dec 2021

5 ways alcohol awareness can be part of your wellbeing strategy

Don Shenker, founder of the Alcohol Health Network, explains why alcohol awareness should be part of a wider wellbeing strategy.

How to raise awareness

Sustainability / 20 Dec 2021

ESG and ethical investing: what’s in a name?

In recent years, ESG and ethical investing have become part of mainstream investing.

Good business / 24 Nov 2021

Mid-life MOTs… an employees’ tune-up for a better retirement

The journey to retirement is a long one, and plenty can change along the way.

Start up your MOT

Sustainability / 2 Nov 2021

Pension power: our best defence against climate change?

Shane O’Brien shows how we can all do our bit to help turn villains into heroes on climate change.

Feel the power

Sustainability / 29 Oct 2021

Investing to improve the world we live in

Laura Stewart-Smith explains how providers and pension schemes can keep members aware and engaged with ESG investing.

How you can help

20 Oct 2021

Wellbeing and business risk: what can’t be left to chance

Debbie Bullock, Aviva’s Wellbeing Lead, on why wellbeing is a business risk that needs to be taken seriously.

Avoiding risk

15 Oct 2021

Menopause is a business issue: what can employers do to help?

Aviva UK Health Medical Director Dr Doug Wright discusses ways to support employees experiencing the menopause and help them stay in work.

Be prepared

13 Oct 2021

How the Retirement Living Standards can improve pension incomes

The Pension and Lifetime Savings Association (PLSA)’s Retirement Living Standards were recently updated. Discover how Aviva embeds the new figures in various initiatives.

Play your part