The Royal Bank of Scotland (RBS) pension fund has appointed Hewitt Bacon & Woodrow as its actuarial consultant, replacing Watson Wyatt. Watson is retained as investment adviser to the £12bn (€18bn) RBS fund, which last week changed its investment strategy and appointed seven specialist fund managers. They are UBS Global Asset Management, AllianceBernstein, Baillie Gifford, Legal & General, Standard Life, State Street and Western. Gartmore and Newton, the fund's previous balanced managers, were retained.

MLIM loses manager