The Pension Trustee Management pension plan has appointed Cardano as fiduciary manager for the £180m scheme.

Cardano was chosen after a thorough selection process, and the trustees of the scheme were advised by Muse Advisory, an independent pensions consultancy.

Barbara West, trustee secretary of the pension plan, said: "Cardano's clear approach to controlling and improving our funding position was one of the key factors in their appointment. We've also been impressed how Cardano have brought the trustees closer to markets and enabled us to navigate changing economic and market conditions."

West added that as a result of working closely with Cardano to implement a better risk management process, the scheme's funding level has grown steadily without having to take large risks to achieve it.

"This gives greater confidence to the trustees, our sponsors and the members about the robustness of the investment and funding plan we have in place," she said.

Cardano UK head of clients Richard Dowell said: "Through our solvency management approach, we bring all of the tools and skills typically only available to a £1bn+ pension plan.

"We think that there is a big need in the industry for medium sized funds, such as the plan managed by the trustee of Pension Trustee Management Ltd, to have access to this type of service and expertise."

First published 01.10.2013

monique_simpson@wilmington.co.uk