The £900m Durham County Council Pension Fund is aiming to appoint an additional voluntary contributions (AVC) provider by May 31 this year.
According to pensions manager Howard Ladlier, the AVC provider will run alongside Equitable Life as a way of affording policyholders more choice. “Some policyholders will still want to make use of their Clerical Medical accounts, which are available through Equitable,” he said.
Ladlier said that consultant Watson Wyatt assisted in shortlisting four candidates, from which the fund chose two for the final round of decision-making. He declined to name the two final candidates, but said the fund may choose both.
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Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.