On the go: The £285mn Cleveland Potash Pension Schemes has appointed Willis Towers Watson’s OneDB to provide combined actuarial, fiduciary management and administrative services.
The mining company sponsors two defined benefit schemes — the £220mn CPL 1972 Pension Plan and the £65mn Cleveland Potash Ltd 1978 Managers Pension Plan — with around 1,500 members.
To help improve the service offered to their members while reducing both cost and risk, parent company Cleveland Potash aimed to find a partner to provide the schemes with actuarial, fiduciary management and administrative services.
Cleveland Potash pensions director Malcolm Hudson said: “We were immediately attracted to OneDB’s innovative technology platform, as well as the clear and manageable way in which it was able to provide consolidated pension services across both of our pension schemes.”
WTW head of OneDB Gareth Strange said: “The complexities involved in running one or more DB schemes are increasingly time consuming for many companies and trustees, so it’s pleasing to see how OneDB has been able to help to streamline those processes and provide insightful data and detail that can help schemes make quicker and more informed decisions.”
Launched four years ago, OneDB currently has 22 clients, covering more than 20,000 members and £4.2bn of assets under management.
This article originally appeared on MandateWire.com
