Barnett Waddingham has been appointed to provide actuarial services to the P&O Pension Scheme. The £1.5 billion P&O Pension Scheme is, since its sale in 2006, linked to DP World. The value of the deal has not been disclosed.
DP World is an international company that owns 65 ports connecting some of the world’s largest shipping lanes. The company formed in 2005 following the merger of Dubai Ports Authority and Dubai Ports International. The major revenue driver for the company is container handling. The company employs more than 30,000 people and is headquartered in Dubai, UAE. In 2006 DP World bought shipping and logistics company P&O for £3.9 billion. The historically British company, having formed in the 1837, still operates under three P&O branded businesses: P&O Ferries, P&O Maritime and P&O Heritage. As part of the deal, the £1.5 billion P&O Pension Scheme, which is represented by PAN Group*, also transferred to DP World.
Barnett Waddingham has been appointed by DP World to provide independent actuarial services to the P&O Pension Scheme. “We are delighted with our appointment [...] We look forward to supporting them with the longer term objectives for the scheme,” comments Robert Hawkes, Partner at Barnett Waddingham who will act as scheme actuary.
Steve Delo, Chief Executive of PAN Governance and the Independent Chair of the trustees for the scheme, comments: “Against a very competitive field, the Trustee Board was greatly impressed by the way in which Barnett Waddingham’s team blended deep technical knowledge with strong communication skills. They made a real effort to understand our scheme’s needs.”
* PAN Group, which was founded in 1993, is one of the larger independent trustee firms in the UK.