UK's Worcestershire County Council Pension Fund has appointed financial services group Scottish Widows as a its additional voluntary contributions (AVC) provider.
Scottish Widows will now administer AVC provision for the £760m fund, alongside the troubled Equitable Life.
At present, the AVC facility has about 700 members, with annual total deductions amounting to over £400,000.
Pensions officer for the Worcester-based fund, Richard Peregrine, said: “Our selection criteria included the types of investment available, past investment performance, the quality of administration and personnel, as well as the services and communications strategy provided for staff.”
The win at Worcestershire follows other recent AVC appointments for Scottish Widows at the pension funds for Nottinghamshire, South Yorkshire and West Yorkshire local authorities.
By Madhu Kalia
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