Cheshire County Council Pension Fund in the UK has appointed Standard Life and Clerical Medical as additional voluntary contribution (AVC) providers.
The £1.6bn fund decided to tender for an AVC provider in March following Equitable Life's decision to close to new business.
According to senior accountant Maggie Shepherd the fund does not want to enforce a transfer of existing policyholders’ business from Equitable Life to the newly appointed AVC providers, but would rather discuss with them the available options.
The fund has 50,000 members of which 22,000 are in active employment. Shepherd said 3% of those make additional voluntary contributions.
The consultants for the scheme are Watson Wyatt.
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