The £1.2bn (€1.4bn) Plumbing & Mechanical Services (UK) Industry Pension Scheme has appointed WTW as outsourced chief investment officer (OCIO), following a competitive tender process.

The appointment marks a significant milestone in Plumbing Pensions’ journey toward securing long-term financial sustainability for its members, it was announced.

Working closely alongside Aon, the pension fund’s strategic investment advisor, and scheme actuary, WTW will deliver an “integrated approach that brings together investment and wider perspectives into a cohesive framework”, WTW stated.

“This model is designed to provide a clear focus on delivering reliable returns, enable faster decision-making and more effective risk management, and support the scheme in achieving its ultimate buy-out objective,” it added.

The pension fund trustees were supported throughout the OCIO selection process by Barnett Waddingham.

Jon Bridger, chair of trustees at Plumbing Pensions, said: “We were impressed by WTW’s deep understanding of our scheme’s unique needs and their ability to tailor a solution that balances resilience with long-term value creation. Their collaborative and innovative approach gave us confidence that they are the right partner to help us navigate the next phase of our journey.”

Ben Johnson, senior director at WTW, said that the firm’s integrated and low-risk approach is designed to deliver the “outcomes that matter most to the trustee, the employers, and members”, adding that WTW will partner with the trustee to “deliver the consistent, risk-adjusted returns needed to support the scheme’s long-term goals”.

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