Royal Mail scheme names chief executive
The UK’s Royal Mail Pension Plan (RMPP) has appointed Richard Law-Deeks as its chief executive officer with immediate effect.
He replaces Chris Hogg, who left the £10.1bn (€11.4bn) fund last year to become chief executive of the National Grid UK Pension Scheme.
Law-Deeks has been interim CEO since February. He was previously head of finance at the RMPP, having joined in 2015 from business consultancy Marsh & McLennan. He has also worked in accounting roles at several UK local authority pension funds, including Hackney and Hertfordshire.
In a statement today, the RMPP said Law-Deeks would continue the work started by Hogg on developing “best-in-practice governance and risk management systems”.
Joanna Matthews, chair of the scheme’s trustee board, praised Law-Deeks’ leadership during his period as interim chief executive.
“He has a clear vision for the plan that is aligned with the thoughts of both trustees and the sponsor,” she added.
Law-Deeks said: “It is a real privilege to lead the plan, helping to ensure the financial wellbeing of our members in retirement. I look forward to delivering best-in-class services and innovation, working closely with Joanna, 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.”
The scheme’s sponsor, Royal Mail Group, in a joint effort with the Communication Workers’ Union, is currently lobbying government to implement legislation to allow the creation of a collective defined contribution (CDC) plan.
The CDC switch was agreed after Royal Mail decided the annual costs of running a defined benefit plan would be too high in the future. A valuation report last year estimated annual contributions could hit £1.3bn.