After seven months filling in at the top job, Richard Law-Deeks was made the new CEO of the Royal Mail Pension Plan.
He succeeds Chris Hogg, who departed the £10.1 billion ($13.3 billion) parcel-delivery company pension last year to head the National Grid UK Pension Scheme.
Royal Mail said Law-Deeks’ leadership will build upon Hogg’s work, which was continuing to develop its governance and risk management systems.
Joanna Matthews, chair of Royal Mail Pensions Trustees, said Law-Deeks showed his leadership ability in his interim status. “He has a clear vision for the plan that is aligned with the thoughts of both trustees and the sponsor,” she said.
Law-Deeks had been the interim CEO since February. He joined Royal Mail in 2015 after nearly two years with Marsh & McLennan, the parent company of Mercer, the world’s largest consulting agency.
Royal Mail Group, the plan’s sponsor, in tandem with the Communication Workers’ Union, has been lobbying the government to create a collective defined contribution plan, a hybrid concept which combines defined benefit and defined contribution plan elements. The move would be an alternative to keep up with the costs of running a traditional retirement plan.
Ian McKnight, the plan’s chief investment officer, could not be reached for comment.