Citrus Pension Plan picks Russell Investments as implementation partner

The Citrus Pension Plan, a not-for-profit defined benefit (DB) master trust, has appointed Russell Investments as its implementation partner.

As part of the appointment, Russell Investments will partner with Citrus, its sole trustee ndapt and Hymans Robertson to deliver a comprehensive investment strategy across its £300m investment portfolio of its more than 35 underlying pension schemes, which form individual sections of the plan.

Russell Investments will also provide Citrus with tailored access to ‘best-in-class’ investment managers, alongside an enhanced governance and operational framework, to implement a bespoke strategy for each section.

Citrus added that each section’s portfolio will be constructed and dynamically managed through allocations to a selection of growth vehicles, cashflow-generating funds and a bespoke liability-matching strategy, with ESG embedded into the process.

The appointment follows a 12-month review where ndapt and Hymans Robertson explored the most appropriate options for the plans’ employers and members. This included supporting increased operational and risk management, enhancing outcomes for members and employers, and delivering a structure fit for the future.

Marcus Hurd of ndap, chair of trustee at Citrus Pension Plan, said: “After a competitive tender process, we are pleased to appoint Russell Investments as our implementation partner.

“The firm has a long record of providing innovative investment solutions and services, which will benefit the members and employers of the Citrus Master Trust. We look forward to leveraging their expertise and scale to further develop the master trust solution for members and employers.”

Simon Partridge, head of UK fiduciary management at Russell Investments, added: “This appointment by Citrus Pension Plan reflects our deep expertise in providing implementation solutions at a time of growing demand for such capabilities in the UK and across Europe.

“This makes us well placed to meet all the plan’s investment needs, with our ability to develop sustainable strategies in particular, greatly complementing Citrus’ credentials as a not-for-profit responsible pension provider.”

Read the digital edition of IPE’s latest magazine