Merrill Lynch Investment Managers has won five mandates to run new stakeholder and defined contribution pension funds in the UK.

Sita, the UK waste management firm, and WPA, Somerset-based health insurance specialists, have appointed investment management arm of Merrill Lynch to run their stakeholder schemes. The stakeholder pension is the government-led initiative to create a low-cost and flexible retirement savings vehicle for individuals. Group schemes, sponsored by affinity groups and employers, are also being set up under the low-cost structure.