UK retailers WHSmith has appointed Abbey National to run new additional voluntary contributions (AVC) and stakeholder provisions.
Abbey already manages £1.9m for concurrent members for the fund’s £3.6m AVC portion - Equitable Life oversees the remaining £1.7m.
According to group pensions manager, Martin Ashford, Abbey’s increased AVC provision - from a cash scheme to six Abbey funds - will run alongside Equitable Life, although the fund will only contribute to the latter at members’ requests.
Abbey has also been appointed as the new stakeholder provider for both part-time and contracted workers, and concurrent members, offering only Abbey funds.
The firm beat five other undisclosed candidates to the mandates.
The decision to review the fund - which has about 1000 members - was taken last December after the problems at Equitable came to light.
The moves were advised by William M Mercer.
All new arrangements will become active by October.
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