Norwich Union has won an additional voluntary contribution mandate from the £240m London based Bromley Superannuation Fund.
According to Mike Pitt, assistant borough treasurer of the London pension fund, Norwich Union will begin providing AVC's to fund members immediately.
Bromley is the latest UK pension fund to review Equitable Life as AVC provider, despite the recently announced rescue package from the Halifax. Last month, UK retailer WHSmith confirmed that it's pension fund was looking to appoint a new AVC provider. Currently the fund's £3.6m AVC provision is divided between Abbey National, which manages £1.9m and Equitable Life, which looks after the remaining £1.7m. WHSmith stated that the pension fund is not reviewing Abbey National's position.
Last week, Cheshire County Council's £1.5bn UK based pension fund decided to put it's AVC mandate out to tender.
By Geoffrey Ho
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.