The UK’s merchant navy seamen are experts in navigating stormy seas. It is only fitting then, that their pension fund has done a very similar job despite the turbulent financial markets of recent years. Success in reducing risk and guaranteeing the retirement security of Merchant Navy Officers Pension Fund members can be traced back to five years ago.

In September 2008, not long after Andrew Waring took charge as chief executive, the fund made a bold decision to hand its investment consultant, Towers Watson, the unusual new role of "outsourced" chief investment officer.