Royal Mail Pension Taps Stand-In as New CEO

Richard Law-Deeks’ strong leadership during his acting-chief period led to his promotion.

Richard Law-Deeks

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.

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