Mark Fawcett was appointed a member of Universities Superannuation Scheme’s investment committee, a spokeswoman said.
The appointment of Mr. Fawcett, who is chief investment officer of the National Employment Savings Trust, London, increases the investment committee’s defined contribution expertise. He will provide additional support as the trustee of the London-based £48 billion ($74.1 billion) pension fund designs and implements the investment process for its new defined contribution plan. This plan will be introduced Oct. 1, 2016.
The DC plan will be open to all members.
USS will offer a default fund and a range of stand-alone investment options, the spokeswoman said. USS is currently researching strategies, with further information available in 2016.
“(Mr. Fawcett’s) skill set, particularly his understanding of DC investment matters, will complement those of his eight fellow committee members, supporting the trustee to deliver a high-quality DC offering to the higher education and related sectors,” said Bill Galvin, group CEO. “This new flexible DC offering, combined with the core defined benefit pension, means USS can continue to meet the increasingly diverse savings and retirement needs of our members and employers.”