Merchant Navy Ratings Pension Fund, Surrey, England, hired Towers Watson as fiduciary manager, a spokesman said.
Towers Watson will provide strategic advice and be responsible for day-to-day management of the assets.
The trustee of the £850 million ($1.3 billion) MNRPF also appointed an independent intermediary. David Clare, partner at Barnett Waddingham, will work with investment committee independent Chairman Chris Wagstaff to oversee Towers Watson as fiduciary manager.
The pension fund was frozen for future benefit accruals in 2001, and in February won approval from the High Court of Justice to introduce a new defined contribution plan that requires all employers to pay contributions.