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Pension Funds

Royal Mail Pension Plan takes interim tag off CEO

Richard Law-Deeks was named CEO at the 9.6 billion ($12.6 billion) Royal Mail Pension Plan.

Mr. Law-Deeks was appointed interim CEO in February following the departure of Chris Hogg, who left at the end of last year to take over as CEO of the 17 billion National Grid U.K. Pension Scheme, Wokingham, England.

Royal Mail announced his permanent appointment Thursday.

Prior to becoming interim CEO Mr. Law-Deeks was head of finance at the plan. Details on his replacement could not be learned by press time.

Mr. Law-Deeks will continue to work on the development of best-in-practice governance and risk management systems, among other tasks, in the role.

He "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," said Joanna Matthews, chairwoman of Royal Mail Pensions Trustees, in a news release. "He has a clear vision for the plan that is aligned with the thoughts of both trustees and the sponsor."

In February, the plan insured 450 million of liabilities for the Post Office section of the plan in a buy-in with Rothesay Life, and also announced a proposal to freeze its plan and sponsor the U.K.'s first collective defined contribution plan.