UK - Prudential has been appointed as the new additional voluntary contributions (AVC) provider to the £972m Surrey County Council pension fund, beating competition from Standard Life, Clerical Medical and Norwich Union.
The firm replaces Equitable Life, the troubled former mutual.
Tracey Milner, fund accountant at the local government pension scheme, also added that Surrey plans to increase its private equity allocation.
Following an asset liability study conducted by the fund's advisors Watson Wyatt, private equity allocation at the fund will be increased to 5% from its previous standing at 1%. Currently, Friends Ivory & Sime manages the fund's 1% portion.
Additionally, Surrey is preparing an implementation timetable for testing Watson Wyatt on the open market. As reported by IPN in May, a best value review conducted by the fund recommended that the consultant be tested on the open market, although Milner did stress that no action would be taken before the timetable was finished.
Watson Wyatt has been the pension fund's investment and actuarial consultant for the past 25 years.
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