UK - The £3.3bn Merchant Navy Officers Pension Fund has appointed Hymans Robertson as independent investment adviser to monitor and challenge the actions of its fiduciary manager, Towers Watson.
The appointment adds a significant additional level of governance to the scheme, which delegated investment responsibility to the consultant in October, last year.
The fund said it recognised the need for "expert monitoring and challenging" of Towers Watson's position as its delegated chief investment officer.
Following a comprehensive selection process, advised by IC Select, a team from Hymans Robertson led by John Dickson has been appointed.
Dickson (pictured) said: "Being appointed to monitor the delegated CIO arrangements represents the final piece in the fund's governance jigsaw. The fund continues to set the standard for best practice governance - other schemes that followed in the fund's progressive footsteps previously may well consider doing so again."
MNOPF investment committee chairman William Everard said Hymans Robertson would work alongside the committee to monitor and review Towers Watson's very important role.
He added: "We are at the leading edge of fiduciary management in the UK and we are committed to maintaining the strong governance for which we are known. John and his team will fit in well with our existing internal resources to provide the highest level of oversight and review."
Towers Watson global head of investment content Roger Urwin added: "MNOPF is always thoughtful in its approach to governance and introducing the independent investment adviser role makes perfect sense."
Kim Gubler says it is time that schemes and administrators reassess SLAs and look at what real people need from their pension schemes and when
The Pensions Regulator (TPR) is focusing on reducing the number of "poorly-run" schemes as it seeks to improve standards across the board.
Prudential Retirement has completed around $2.6bn (£2bn) of reinsurance contracts for UK pension scheme longevity risk since the start of the year, it has disclosed.
Funding standards for DB schemes have increased exponentially over the past decades. Con Keating says such significant overstatement of liabilities will lead to pushback through the courts.