Natwest Group Pension Fund has announced the appointment of Robert Chestnutt as chief executive officer and Nic Barnes as sole chief investment officer, following the news that current CEO and co-CIO, Robert Waugh, is set to retire from 31 March 2023.

Chestnutt is currently RBS Investment Executive (REIL), the trustee’s executive support function, head of funding and risk, while Barnes has been co-CIO at the Natwest Group Pension Fund since 2018.

In an effort to ensure a "seamless transition", Waugh will remain in his role until March 2023, and will also assist the trustee with an orderly transfer of responsibilities, and is expected to serve as an adviser to RIEL and the trustee until 30 June 2023.

Commenting on the news, trustee board chairman, Joanna Matthews, stated: “On behalf of the trustee board, I want to thank Robert Waugh for his outstanding contribution to Natwest Group Pension Fund over a 13-year career.

"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.

"He oversaw the outsourcing of the administration services and a significant improvement in member options and service. He has built a first class team in RIEL who will continue to progress the fund for the benefit of the members and the trustee look forward to continuing to work with them in their expanded roles.”

Adding to this, Waugh stated: "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.

"I believe that now is the right time to hand over to a new CEO who will continue the journey that the fund is on.

"I remain committed to working alongside the board and executive team ensuring a seamless transition. In announcing my retirement, I do so with full confidence in my colleagues and their ceaseless dedication to delivering excellence.”

The appointments, which are subject to regulatory clearance, were announced following an an internal and external search process with the assistance of a leading executive search firm.

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