The £900m Cambridgeshire County Council Pension Fund has chosen Prudential Portfolio Management as additional voluntary contributions (AVC) provider.
According to pension fund manager Bob Young, the fund shortlisted five companies on the advice of actuaries Hymans Robertson. He was unable to disclose the names of the shortlisted companies.
“The fund chose Prudential because of its good investment return,” he said. “We were looking for someone who was competitive and stable and found Prudential fitted the bill.”
Commenting on the role of Equitable Life, Young said the fund’s members will still have access to their Equitable accounts.
The Cambridgeshire County Council Pension Fund invests 51% in UK equities, 24% in overseas equities, 20% UK and overseas fixed interest, and 5% in property.
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