The head of investment and funding at the Royal Mail Pension Plan, is to leave at the end of October, as the £28bn pension-fund - the country's third-biggest - begins to wind down most of its investment operations under a deal to part-privatise its parent company.

Heath Mottram's final full year in charge - the scheme's financial year runs from March 31 to March 31 - was a good one for investment results. The scheme made 8% on its money, in comparison to a 6.7% rise in its benchmark, which is based upon the pensions it has to pay out.