UK's £2bn Essex County Council pension fund has appointed Standard Life as an additional voluntary contributions (AVC) provider to run alongside troubled Equitable Life.
A decision to review the situation was taken in January. At the time, Bill Fulton, pensions manager for the £2bn fund said: Given the present uncertainties we are not going to accept any new cases if anyone wishes to start a new with-profits policy with Equitable.” He added that providers were reviewed periodically at the Chelmsford-based fund and that because of Equitable's past record the council had not needed to consider extending its options before.
Details of shortlisted candidates were not disclosed and Essex officials were not available for further comment during press time.
The move was advised by Watson Wyatt.
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