Croda's £310m UK based pension fund has awarded Standard Life its additional voluntary contribution scheme and stakeholder mandates.
According to Roy Ainger, pension fund manager at the chemical company's fund, it has opted for Standard Life because of incumbent, Equitable Life’s recent troubles.
Additionally, Standard Life has been selected to provide Croda's stakeholder scheme. However, Ainger said that Standard Life's position as stakeholder provider was not yet a fait accompli, and that the fund would consult with Croda employees about the stakeholder deal at the end of the month.
Cheshire County Council's £1.5bn UK based pension fund has also decided to put it's AVC mandate out to tender.
By Geoffrey Ho
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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