LONDON, June 13, 2022 — The Cleveland Potash defined benefit pension schemes have appointed WTW’s OneDB to provide combined Actuarial, Fiduciary Management and Administrative services following competitive tender processes. The Cleveland Potash Schemes have a total of £285m in assets across two pension schemes covering approximately 1,500 members.
Headquartered in North Yorkshire and part of the ICL Group, Cleveland Potash, has two defined benefit pension schemes with £220m and £65m in assets respectively. The firm’s aim was to find a partner to help them improve the service offered to their members whilst reducing both cost and risk.
Malcolm Hudson, Pensions Director for Cleveland Potash, 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.”
“The complexities involved in running one or more DB schemes are increasingly time consuming for many companies and trustees.”
Gareth Strange | WTW
Gareth Strange, Head of OneDB at WTW, said: “It was a real privilege to be appointed by Cleveland Potash trustees. 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.”
As OneDB approaches its fourth anniversary it has won 22 clients through competitive tenders, covering over 20,000 members and £4.2bn of assets under management.
OneDB is WTW’s all-in-one solution for DB Pension Schemes, providing outsourced administration, actuarial, investment and consultancy services, while allowing trustees and sponsors to retain full strategic control of their scheme.
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