Pensions for people, not profit

The Trust was established in 1930, as the vehicle of choice for the legal profession – particularly small legal firms who recognised they could achieve economies of scale by working together for pension provision. The Trust is now open to employers and individuals from all sectors.

Unlike commercial Master Trusts, which are driven by profit margins or the ability to sell investment funds or other products, Cheviot is a not-for-profit organisation. This means it invests 100% of its profits to ensure the best outcomes possible for its members and employer partners, combining a cutting-edge investment strategy with a long heritage of excellent governance.

The Trust was established in 1930. Defined benefit (final salary) schemes were introduced in the 1970s and the current defined contribution (money purchase) arrangement, the Cheviot pension, in 2000. Combining 90 years of experience with an innovative approach allows Cheviot to meet the challenges of the changing pensions landscape and continue to deliver for its stakeholders.

Through robust and thoughtful governance, Cheviot demonstrates consistently strong performance with a rigorous approach to risk management which has improved the funding position of its defined benefit schemes and delivered consistent returns above CPI for members of the Cheviot pension.

Unusually for a Master Trust, the Trustee, Cheviot Trustees Limited, includes both employer and member representatives, together with four professional trustees. The breadth of experience on the Board enables it to look at issues with a wide perspective and its excellent advisers support its innovative approach to managing the challenges of today’s pensions environment.

The Trustee is chaired by Sir Derek Morris, a leading economist, previous Chair of the UK Competition Commission (now the Competition and Markets Authority), Chairman of the Morris Review of the Actuarial Profession in 2004-5 and chair of the Treasury’s 2009 Working Party on addressing the consequences of the financial crisis for the pensions industry.

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