The role of the Master Trust Board

The Fidelity Master Trust is run by a board of five Trustees, the majority of whom must be independent. The Trustees are responsible for ensuring the Scheme is run in accordance with the Scheme rules and the relevant legislation.

The Master Trust Board has a legal obligation to act in members’ best interests. The Scheme rules give the Trustees:

  • Responsibility for managing the Scheme’s investments;
  • The power to appoint and remove advisers and service providers;
  • The right to terminate the Scheme in certain circumstances.

In addition, the Trustees have to comply with The Pensions Regulator’s Code of Practice for the governance of occupational defined contribution plans and the authorisation and supervision of master trusts. This is based on six elements that contribute to ‘good member outcomes’:

  • Appropriate contribution decisions;
  • Appropriate investment decisions;
  • Effective and efficient administration;
  • Protection of assets;
  • Value for money;
  • Appropriate decumulation decisions.


As Scheme sponsor, Fidelity was responsible for setting up the Master Trust Board. It is the Chair’s responsibility to ensure that the Board as a whole has the right combination of skills, knowledge and experience to fulfil its responsibilities. To this end, the Trustees, with the consent of Fidelity, may appoint or remove a trustee. Independent Trustees are required to go through a re-appointment process every five years, and no individual may serve as an Independent Trustee for more than 10 years. 

A number of the Trustees also sit on the Independent Governance Committee that monitors Fidelity’s workplace pension arrangements (such as Group Personal Pension Plans and Stakeholder Plans). Fidelity strongly believes this helps to achieve consistency across its products and to offer the same high standard of governance to all members. 

You can read profiles of the Trustees at the bottom of the page.

Current areas of focus for the Trustees 

  • Reviewing default investment strategies;
  • Reviewing the scope and content of member communication;
  • Taking account of environmental, social and governance (ESG) factors when reviewing the investment choices available to members;
  • Determining the issues to be considered in assessing value for money – for example, examining charges and transaction costs, the service members receive from Fidelity and the tools they have access to;
  • Considering the ways in which members have access to their pension pots, including the introduction of Investment Pathways and regular income drawdown;
  • Considering the process for obtaining feedback from members.

You can read more about responsible investing and ESG, as well as the role they play in the Master Trust’s default investment option, FutureWise, when you visit the page on responsible investing.

Members of the Fidelity Master Trust Board

Kim Nash – Independent Chair of the Trustees
Kim Nash is a Director at PTL Governance Ltd, which she joined in February 2012. Kim is a qualified actuary and previously worked for Towers Watson as an actuarial benefit consultant. She has significant DC trustee experience with DC Master Trust (DCMT), single employer trusts and hybrid schemes. Kim also sits on governance committees for contract-based arrangements.

Dianne Day – Independent Trustee
Dianne Day is a Client Director at Independent Trustee Services Ltd (ITS). She joined ITS in 2015, specialising in defined contribution (DC) schemes. Dianne holds the PMI Certificate in DC Governance and is a Fellow of the Financial Services Institute of Australasia. Her trustee experience spans DC master trusts, single employer schemes and sole trustee roles. Dianne applies over 30 years’ experience in investment management and member communications to the good governance of members’ pension benefits.

Gerald Wellesley – Independent Trustee
Gerald is a Professional Trustee and Client Director of Punter Southall Governance Services Limited. He has over 35 years’ experience in the finance industry, 15 years as pension trustee and 3 years in HR management. 

His current portfolio of trusteeships includes chair, sole trustee and subcommittee positions with DB and DC schemes and DC Master Trusts. He brings strengths in the investment and financial management disciplines together with more broadly-based trustee skills. He was previously at BNY Mellon where he led the corporate strategy for the UK and European pensions industry where BNY Mellon is a leading provider of asset management, custody and collateral management services. 

Marianne Jaekel – Fidelity Representative
Marianne Jaekel is a qualified solicitor and joined Fidelity in 2012 as Head of UK DC Legal Services. Marianne has responsibility for all legal aspects of the DC business, including contract negotiation and management, product development and advising key stakeholders on day-to-day legal issues from both a commercial and technical perspective.

Prior to joining Fidelity Marianne gained 13 years of experience as a City lawyer, having qualified at Travers Smith and most recently practising as a Senior Associate in the Pensions team of Squire Patton Boggs (previously Hammonds). Marianne is a full member of the Association of Pension Lawyers.

James Carter – Fidelity Representative
James Carter is Head of Pension Products and Policy with 19 years of experience in the workplace pensions market. He is responsible for the product implementation and management of Fidelity’s workplace pension products. James also leads Fidelity’s engagement with the government, regulators and industry bodies in the development of pension policy and the business’s analysis of the impact and opportunities of new pensions regulations.

Prior to joining Fidelity James was a Director in Willis Towers Watson’s pension consulting business, having also worked for KPMG and Aon, advising trustees and employers operating large DC pension schemes.