The £2.2bn UK based Tyne & Wear Pension Fund has appointed Prudential as its new additional voluntary contributions provider, to run alongside troubled Equitable Life.
The South Tyneside Metropolitan District Council, which has a total of 79,000 members, chose to review Equitable’s position mid-2000. A decision was finalised following a beauty parade held in December.
Head of pensions for the fund, Stephen Moore, declined to disclose the number and name of shortlisted candidates. Currently, the fund’s AVC provision is approximately £4.5m and has about 2,000 members. Moore added that it was up to individual members whether they chose to continue contributions with Equitable.
The review was advised by Watson Wyatt.
By Madhu Kalia
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