The Royal Mail Pension Plan (RMPP), which manages £10bn of assets on behalf of more than 120,000 members across the UK, has appointed Richard Law-Deeks as chief executive.
Law-Deeks takes up the role with immediate effect - having led the scheme on an interim basis since February, when the former chief executive, Chris Hogg, left to join National Grid to run its UK pension schemes, which have around £19bn of assets.
Prior to taking up this interim role, Law-Deeks was head of finance at the RMPP.
Before joining the plan in 2015, he worked at Marsh & McLennan, specialising in corporate finance and investments. He also worked in public sector accounting roles within several different local government schemes at councils including the London Borough of Hackney and Hertfordshire County Council.
Law-Deeks said he would build upon the work of the plan's previous leadership - further developing of best-in-practice governance and risk management systems.
Commenting on his appointment, Law-Deeks said: "It is a real privilege to lead the plan, helping to ensure the financial well-being of our members in retirement. I look forward to delivering best-in-class services and innovation working closely with the trustees, and the sponsor. I am also delighted to be leading such a great team of colleagues, who are some of the most talented in the business."
RMPP chair of trustees Joanna Matthews added: "Richard understands the demands and challenges that the plan faces and, during the first half of this year, showed great leadership as we began to implement new changes. He has a clear vision for the plan that is aligned with the thoughts of both trustees and the sponsor and I look forward to working with him in 2018 and beyond."
Law-Deeks' appointment comes after the RMPP closed to future accrual on 31 March following a deal agreed between Royal Mail and the Communication Workers Union (CWU).
Royal Mail and the CWU committed to work towards the introduction of a collective defined contribution (CDC) scheme, subject to legislation. The government is set to launch a consultation on CDC this autumn.
Royal Mail has put transitional arrangements in place until a CDC scheme can be established - including a defined benefit cash balance scheme (DBCBS) and an improved defined contribution scheme.