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.
By Janet Du Chenne
Partner Insight: In recent years, pensions administrators have seen scheme member engagement increase significantly. The advent of Pensions Freedoms in 2015 and the increased choices faced by members have led to a sea-change in the levels and types of...
Purna Bhudia looks at how the PPF's investment strategy has evolved, especially in the area of credit
Two consultancies have reported decreases in defined benefit (DB) transfer quotation requests in Q3, and said guaranteed minimum pension (GMP) equalisation could impact transfer activity.
The Association of Consulting Actuaries (ACA) and Royal London have proposed a "pensions pound" to "radically simplify" defined benefit (DB) pensions rights.