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Annual Report and Accounts

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Annual Report and Accounts NatWest Group Pension Fund (formerly known as The Royal Bank of Scotland Group Pension Fund) Annual Report and Financial Statements for the year ended 31 December 2020 Scheme Registration Number: 100140634 NATWEST GROUP PENSION FUND – YEAR ENDED 31 DECEMBER 2020 TRUSTEE’S REPORT Contents Trustee’s Report .................................................................................................................................. 3 Contacting us ....................................................................................................................................... 3 Governance .......................................................................................................................................... 4 Tax status and ownership .................................................................................................................... 7 Developments during the year ............................................................................................................ 8 Going Concern ...................................................................................................................................... 9 Financial Review ................................................................................................................................. 10 Membership ....................................................................................................................................... 10 Pension increases ............................................................................................................................... 12 Actuarial report on the liabilities and funding ................................................................................... 13 Investment report .............................................................................................................................. 16 Climate related disclosures and Trustee Implementation Statement ............................................... 27 Controlling interests in subsidiaries ................................................................................................... 30 Statement of Trustee responsibilities ................................................................................................ 32 Summary of Contributions ................................................................................................................ 34 Independent Auditor’s Report on Contributions ............................................................................. 35 Independent Auditor’s Report on the Audit of the Financial Statements ...................................... 36 Financial Statements ......................................................................................................................... 39 Fund account...................................................................................................................................... 39 Statement of net assets ..................................................................................................................... 40 Notes to the financial statements ..................................................................................................... 42 Appendix 1 – Management and Advisors ........................................................................................ 78 Appendix 2 – Actuarial Certification of the Schedule of Contributions .......................................... 81 - 2 - NATWEST GROUP PENSION FUND – YEAR ENDED 31 DECEMBER 2020 TRUSTEE’S REPORT Trustee’s Report Contacting us Members can contact us in a number of ways: Website – Members can find out more about their pension by using the dedicated member website https://natwestgrouppensionfund.co.uk Email - Members can also contact the Fund administrator, Willis Towers Watson, by email at [email protected] Post - Members can also write to the Fund administrator, Willis Towers Watson, at: NatWest Group Pension Fund PO Box 545 Redhill RH1 1YX The Pension Tracing Service - All the relevant details of the Fund and the Trustee Directors have been passed to the Pension Tracing Service, which may be able to help anyone trying to trace pension rights under a previous pension scheme. The Pension Tracing Service can be contacted by mail at: The Pension Service 9 Mail Handling Site A Wolverhampton, WV98 1LU Website www.gov.uk/find-pension-contact-details Phone at 0800 731 0193 or from outside the UK on +44 (0) 191 215 4491 - 3 - NATWEST GROUP PENSION FUND – YEAR ENDED 31 DECEMBER 2020 TRUSTEE’S REPORT Governance Constitution and Management of the Fund The Fund is governed by a corporate Trustee, NatWest Pension Trustee Limited. The principal employer, National Westminster Bank plc (“the Bank”), has the power to appoint or remove the Trustee of the Fund. Directors of the Trustee are appointed in accordance with the Articles of Association of NatWest Pension Trustee Limited which provide that ten directors are appointed; six directors by the bank and four directors from the membership of the Fund. In August 2020, the Fund changed its name from The Royal Bank of Scotland Group Pension Fund to NatWest Group Pension Fund. At the same time, the corporate trustee changed its name from RBS Pension Trustee Limited to NatWest Pension Trustee Limited. These changes were consistent with the bank’s rebranding in 2020 from RBS to NatWest. Also in 2020, the Trustee carried out a review of its committee structure resulting in some changes being made. More details about the current committees can be found in “Committee Structure” later in this report. Until 31 March 2020, the Trustee had five standing committees: Administration and Benefits Committee (“ABC”) Funding and Monitoring Committee (“FMC”) Investment Committee (“IC”) Risk and Audit Committee (“RAC”) Treating Sections Fairly Committee (“TSF”) From 1 April 2020, the committees are: Member Experience Committee (“MEXCO”) Asset and Liability Committee (“ALCO”) Risk and Audit Committee (“RAC”) Directors On 26 March 2020 Ian Purves and James Rowney stepped down as member nominated directors and were replaced by Clare Castell and Doug Heron. On 30 September 2020, George Graham stepped down as a bank nominated director and was replaced by Capital Cranfield Pension Trustees Limited, represented by Joanna Matthews. - 4 - NATWEST GROUP PENSION FUND – YEAR ENDED 31 DECEMBER 2020 TRUSTEE’S REPORT Listed in the table below are all the directors of NatWest Pension Trustee Limited for part or all of the year covered by this Annual Report. Committee membership Committee Membership from until 31/3/2020 1/4/2020 Ronnie Bowie (Chair) B, P FMC (Ch), RAC, TSF (Ch) ALCO (Ch from 1/10/2020), RAC Clare Castell From M n/a MEXCO 27/03/2020 Capital Cranfield B, P ABC (Ch), RAC MEXCO (Ch), RAC Pension Trustees Limited represented by Nicki Mortimer Capital Cranfield From B, P n/a ALCO, MEXCO Pension Trustees 30/09/2020 Limited represented by Joanna Matthews David England M ABC, TSF ALCO Susan Fouquier B n/a MEXCO George Graham Until B IC (Ch), RAC ALCO (Ch till 30/9/2020), RAC 30/9/2020 Douglas Heron From M n/a ALCO, RAC (from 1/10/2020) 27/03/2020 Victoria North B RAC (Ch) ALCO, RAC (Ch) Ian Purves Until M IC, TSF, FMC n/a 26/03/2020 Nathalie Robertson- B TSF, IC ALCO Nugent James Rowney Until M ABC n/a 26/03/2020 Peter Walker M ABC, RAC MEXCO, RAC *B = Bank nominated trustee, M = member nominated trustee, P = professional trustee, Ch - Chair The Secretary to the Trustee is Wendy Tavendale. Committee structure As stated earlier in the report, the Trustee made some changes to its committee structure. ABC/MEXCO Up to 31 March 2020, the Administration and Benefits Committee was responsible for monitoring the administration of the Fund and communication to members. Other responsibilities included exercising the Trustee's discretion in connection with the payment of benefits. The Committee was supported by its legal advisers, CMS Cameron McKenna Nabarro Olswang LLP. The Committee held one scheduled meeting until 31 March 2020 as well as ad hoc meetings and calls to consider member cases. - 5 - NATWEST GROUP PENSION FUND – YEAR ENDED 31 DECEMBER 2020 TRUSTEE’S REPORT From 1 April 2020, the ABC was replaced by MEXCO. As well as the responsibilities which previously sat with ABC, MEXCO supports the trustee member strategy as regards delivering a high-quality service to all members and their representatives, using supportive member experience journeys and simple technology, supporting members to take actions and make better decisions and ensure that service performance standards are met, understood, achieved and reported. Like the ABC before it, MEXCO is supported by its legal advisers, CMS Cameron McKenna Nabarro Olswang LLP and held three scheduled meetings in 2020 as well as ad hoc meetings and calls to consider member cases. FMC/IC/TSF/ALCO Until 31 March 2020, the IC recommended to the Board the Fund's strategic investment objective and oversaw the management and performance of the assets. The IC was supported by RBS Investment Executive Limited ("RIEL") and Aon. The Committee held one scheduled meeting until 31 March 2020. The FMC was responsible for funding including the formal actuarial valuation and was supported by the Scheme Actuary from Aon as advisers on actuarial matters. The Committee did not meet in 2020. The TSF Committee was responsible for ensuring that the members of all sections of the Fund are treated fairly as a result of certain Trustee decisions.
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