UK based Northumbrian Water Group's £430m pension scheme will decide on both stakeholder and additional voluntary contribution scheme providers at a management meeting in mid April.
Head of the fund Alan Brown said that the delay was due to its monitoring of the situation regarding Equitable Life, in light of the Halifax's rescue package. Previously, he has said that the fund might retain the mutual as AVC provider, if the fund received favourable advice from consultants Hymans Robertson.
Additionally, Brown revealed that the Halifax subsidiary Clerical Medical and Scottish Equitable will have to wait until mid April, to know which of the two has been chosen by the fund as its stakeholder provider. Originally, a decision was to have been made in early March, having been put back from the end of February.
According to Brown, the stakeholder decision is being delayed for the same reason as the AVC.
By Geoffrey Ho
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