The Plumbing & Mechanical Services (UK) Industry Pension Scheme’s recently published ‘Report & Financial Statements for year ended 5 April 2025’ reveals a significant post-year-end shift in its investment governance model and an expansion of its asset class allocations.
Investment Governance Model Overhaul
Following the fiscal year-end, the Scheme implemented a new investment governance model, outsourcing its investment asset class and individual fund manager selection to Willis Towers Watson (WTW) under an Outsourced Chief Investment Officer (OCIO) model. This change, effective after April 5, 2025, grants WTW the responsibility for managing the Scheme’s investments within established guidelines set by the Trustee. (Source: Report & Financial Statements for year ended 5 April 2025, page 16)
Expanded Asset Class Allocation
As a direct consequence of the transition to the OCIO model, the Scheme has added more asset classes to its portfolio. The strategic target allocation has been adjusted in line with the target agreed upon by the Trustee and the Employer Company following the 2023 valuation. Specific details on the new asset classes and their target allocations are not yet disclosed but are a result of the OCIO implementation. (Source: Report & Financial Statements for year ended 5 April 2025, page 16)
Chief Outsourced Investment Officer Appointment
Willis Towers Watson (WTW) was appointed as the Chief Outsourced Investment Officer, effective April 14, 2025. This appointment is central to the Scheme’s new investment governance structure. (Source: Report & Financial Statements for year ended 5 April 2025, page 3)
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