Clerical Medical has been appointed as stakeholder and additional voluntary contribution (AVC) provider by the UK based Northumbrian Water Group's £430m Lyonnaise Pension Scheme.
Alan Brown, pensions manager at the fund, said that Clerical Medical will be appointed as the fund's AVC provider at the start of July. They will replace the Equitable Life, the former mutual that was taken over by Clerical Medical's parent company, the Halifax Group.
In March, the fund delayed making a decision regarding its AVC and stakeholder providers as it was monitoring the situation at the Equitable Life and the Halifax's rescue package. At the time, Brown said that there was a possibility that the Equitable would be retained as the AVC provider, if the fund received favourable advice from consultants Hymans Robertson.
Clerical Medical was selected as stakeholder provider from a shortlist of two, the other candidate being Scottish Equitable.
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