Natalie Winterfrost


An experienced actuary, Natalie has considerable investment consulting and asset management experience gained over more than 20 years in the industry, most recently as Client Director at Aberdeen Standard Investments.

Natalie has an impeccable track record for successful stakeholder engagement and building long-term relationships in the context of both technical challenge and strategic decision making. While at ASI Natalie’s particular specialism was working with clients to help structure liability-aware solutions and looking after ‘fiduciary-light’ relationships. She also contributed to its pensions thought leadership; co-authoring white papers such as 'Managing Deficits: the response of UK Pensions' and 'Living with Longevity'.

Prior to ASI, Natalie managed PwC's London Investment Consulting team and led the delivery of advice on all aspects of investment consulting to pension scheme trustees. In addition to advice to pension schemes, Natalie advised PwC's insolvency practice on the investment of insolvent insurance assets under its administration; advising on cash flow matched bond portfolios and use of derivatives to maintain stable pay-out ratios.

A Fellow of the Institute and Faculty of Actuaries with a Joint Honours in Mathematics & Economics from Bristol University, Natalie is also an elected council member of the Society of Pension Professionals. 

Natalie loves nature and has previously served as a trustee of an environmental charity. As a mother of two primary age children she doesn’t find much spare time, but what she has she likes to spend outside, often to be found at her allotment trying to grow her own veg.

What her previous clients say:

"I've known Natalie for many years. She's the consummate professional, hugely experienced, and gives her time generously to others. She's the stuff that good trustees are made of, I expect her to excel in her new role"

- Ian McKinlay CIO Lloyds Banking Group Pension Schemes

"Working with Natalie over many years brought another positive dimension to our trustee board. Her knowledge as a qualified actuary often allowed our conversation to cover much more than just the investment portfolio she was engaged to advise on"

-Sean Hoyle Chairman of Pensions Wightlink UK Limited