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Kingfisher head joins Legal & General

14 March 2017

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Dermot Courtier has been appointed as chairman of the Legal and General Master Trust, and of the L&G Independent Governance Committee (IGC).

Courtier is head of group pensions at Kingfisher PLC, as well secretary to Kingfisher Pension Trustee Limited (KPTL), which oversees the governance and running of the Kingfisher Pension Scheme.

He will remain in these roles in addition to the new positions.

Launched in 2011, the Legal & General Master Trust has £2.9 billion in assets under management with almost 600,000 members.

It is a multi-employer scheme managed by an independent board of trustees that will be chaired by Courtier

The Legal & General IGC oversees the workplace pension schemes operated by Legal & General and acts in the interest of members.

The company manages £16.8bn in such schemes.

Emma Douglas, head of DC at Legal & General Investment Management (LGIM), said the move comes at an exciting time for the Master Trust.

"The Master Trust has expanded significantly since launch in 2011, as schemes have been attracted by our range of strategies that deliver investment solutions," she said.

"We are seeing a strong trend for DC schemes to opt for bundled solutions, where they can outsource administration and member communications and as well as governance to a greater or lesser extent."

Douglas said Courtier will play a pivotal role as the Master Trust expands and the workplace member scheme base grows.

"He is a highly-respected practitioner and brings many years of experience working with a range of employers in different sectors," she said.

"His innovative flair in the way he thinks about investments and communications will help ensure both our offering and the way we engage continue to meet members' and employers' needs."

Since 2007, in an executive capacity Courtier has overseen KPS' de-risking programme and the enhancement of DC benefit structures and investment funds.

He has also held senior pension roles at Hachette Livre Group, Towers Perrin HR Services (now Willis Towers Watson) and Royal Mail Group.

"My work overseeing the impact of pensions freedom and choice regulations means I can bring a valuable perspective of what employers require from their DC solutions, and I look forward to helping to bring the Master Trust business to the next stage of its maturity," he said.

First published 03.03.2017

Lindsay.sharman@wilmingtonplc.com