The £900m Durham County Council Pension Fund has chosen Standard Life and Prudential Portfolio Management as additional voluntary contributions (AVC) providers to run alongside existing stakeholder Equitable Life.
According to pensions manager Howard Ladlier, the decision was influenced by the fund’s best value approach. “We wanted to give fund members the widest possible choice,” he said.
Ladlier confirmed that consultant Watson Wyatt shortlisted four potential candidates, including Clerical Medical which operates accounts for the Durham County Council Pension Fund via Halifax. Members who have Equitable accounts will still have access to these accounts via Clerical Medical.
By Janet Du Chenne
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
The Pensions Regulator (TPR) is "working closely" with government contractor Interserve and the trustees of its defined benefit (DB) pension schemes, it has confirmed.
The industry has welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) consolidation as a way to address scheme covenant issues.
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".