The Crown Estate Pension scheme has appointed Zedra to be the chair of its trustees.
The Crown Estate Pension comprises of a £46m defined benefit (DB) section and a £43m defined contribution (DC) section. These are run for the benefits of those working on this estate and managing its portfolio of assets.
Zedra’s appointment follows a competitive selection process managed by Aon.
The Crown Estate is responsible for managing a diverse property and land portfolio, estimated to be around £15bn. This Windor Great Park, urban properties, including Regent Street and St James’s in London’s West End and one of the largest rural holdings in the country. The Crown Estate also manages the seabed and much of the coastline around England, Wales and Northern Ireland, playing a major role in the UK’s world leading offshore wind sector.
The business tasked with growing the value of this portfolio and return net profits HM Treasury for the benefit of public spending.
Zedra managing director Kim Nash says: “The Crown Estate Pension Scheme is in a distinctive position, underpinned by a strong, unique covenant and a clear commitment to its members. Its hybrid structure, spanning multiple benefit arrangements and open DB section, creates distinctive opportunities, as well as challenges, across governance, funding and member experience requiring careful oversight and a pragmatic, solutions-focused approach.”
She says the firm focuses on “taking on the operational heavy lifting, driving change where it matters, and enabling trustees stay focused on their day-to-day responsibilities.”
She adds: “By matching the right person to the right situation and combining practical support with a proactive approach, we can work closely with the Board to deliver positive and meaningful outcomes for members.”
The Crown Estate director of reward and pensions Sarah White: “Zedra stood out for its depth of expertise across both DB and DC, as well as its clear and proactive approach to trusteeship and delivering real outcomes. Our scheme’s unique structure and strong covenant require thoughtful governance and a continued focus on delivering for members.
“As independent trustees, their experience across a wide range of schemes brings valuable insight into what works in practice, and we are confident they will support us in achieving our long-term objectives. We look forward to working with them.”