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The Royal Mail Collective Pension Plan (RMCPP) has appointed WTW as scheme actuary and BlackRock as its investment manager.
The appointments were confirmed following the launch of the scheme yesterday (7 October).
Barnett Waddingham advised the CDC scheme during the outsourced chief investment officer (OCIO) process, with Barnett Waddingham partner and head of outsourced investment services, Peter Daniels, leading on the advice.
Commenting on the appointment, Daniels said: “The investment needs of the UK’s first CDC plan are complex and unique; helping to pick the right investment partner for the RMCPP relied on the depth of our market research and our long track record in advising on OCIO provider selection.
“We wish Royal Mail and the trustee every success with the future of the plan”
The scheme also appointed WTW as scheme actuary, building on their prior involvement as adviser in the design and implementation of RMCCP.
Commenting on the appointment, RMCPP head of the executive, Emma Weston-Green, said: “The launch of the Collective Plan is a very exciting moment for Royal Mail and their people.
“The team at WTW have been at the centre of the design of CDC schemes for the UK from the beginning, and together with their extensive defined benefit experience, are ideally placed to provide scheme actuary services to the plan.”
WTW RMCCP scheme actuary, Simon Eagle, said: “We are thrilled to have been appointed scheme actuary to the RMCCP.
“We look forward to working with the trustees to enable security in retirement for the plan’s members.”
Redington also acted as strategic adviser to the trustee, with Redington managing director, Carolyn Schuster-Woldan, saying Redington “couldn’t be more delighted” to see the RMCPP launch and called it an “important milestone”.
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