The trustee of the £120m Shop Direct Group Pension Plan has chosen Towers Watson to manage its investment portfolio on a fiduciary management basis.
Towers Watson said the appointment followed a "highly competitive" tender process.
The consultant added it was not the incumbent investment adviser to the Shop Direct Pension Plan.
Towers Watson said its delegated investment service now has around 50 clients in the UK, with £29bn of assets under management as at 30 June.
Shop Direct Group Pension Plan chief investment officer John Ashworth explained the rationale behind the appointment.
He said: "As part of the appointment process, we took into account the expertise, time and level of resource needed to manage our plan and decided that Towers Watson's delegated model offered the most flexible and effective way to achieve our long-term goals.
"Accordingly, we now have governance structures in place which we are confident will deliver investment performance goals and risk management in the best interests of all our members."
Towers Watson EMEA head of investment Ed Francis added: "We believe delegation is a highly effective way for institutional investors to address governance challenges and make the most of investment opportunities.
"We continue to see a high level of interest in our delegated services as investors seek robust and cost-effective solutions in these complex and volatile times."
Towers Watson announced a merger with insurance broker Willis Group in an $18bn (£11.4bn) at the end of June. The merger is likely to complete by the first quarter next year.
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