Sir Derek Morris, who was formerly chairman of the UK’s Competition Commission, has used up a brand-new function as chairman of the Cheviot Trust, a little but ingenious pension fund generally serving the legal sector.
Morris, who held the function at the commission from 1998 to 2004, is likewise a previous provost of Oriel College, Oxford, and led a federal government evaluation into actuaries referred to as the Morris Review in 2005. He officially took control of the Cheviot chairmanship on April 1, following the abrupt death of the previous chairman Robert Hall. The consultation was revealed by the trust the other day.
In its declaration, Morris stated: “Challenges dealing with pensions continue to increase. The Cheviot Trust’s board of really skilled trustees implies we can integrate our understanding to browse the very best way forward on behalf of our members.”
Cheviot, with ₤ 426m under management, was established in 1930 as a market pension fund for law practice but opened its doors to companies from any sector in 2013, following the federal government’s auto-enrolment reforms.
The plan got Financial News’ award for Best DC Pension Plan Design in 2014, following its advancement of an internal post retirement fund, a move that stays uncommon for a pension.