West Yorkshire Pension Fund, the third largest local authority in the country, has appointed Scottis...
West Yorkshire Pension Fund, the third largest local authority in the country, has appointed Scottish Widows as a provider for its Additional Voluntary contribution (AVC) scheme. Scottish Widows will administer the scheme together with Equitable Life, who were previously the sole provider.
The West Yorkshire pension fund, valued at £5bn, has around 80,000 contributors who work for over 135 employers.
Scottish Widows was also recently appointed as AVC scheme provider for Nottingham County Council and South Yorkshire pensions authority. The group says it is keen to expand further in the public sector so that it can pass on the significant benefits that will accrue through the economies of scale achieved.
Mark Wareing, senior manager of corporate business at Scottish Widows, said: "Scottish Widows' AVC offerng is a simple,low cost arrangement with a comprehensive range of investment choices and a good track record of performance which will deliver real benefits to members of the West Yorkshire pension fund."
He added: "The more experience we gain in this very defined market with its very defined needs, the more we will be able to customise our processes. West Yorkkshire went for the whole package not just our performance and price. Services like our call centre and other communication assets were attractive to the fund. The more users we have, the better the service we can offer."
The West Yorkshire fund says Scottish Widows was the best provider when measured against their selection process - which considers factors such as asset allocation, past performance and quality of administartion and personnel.
Stuart Imeson, head of pensions and investments at West Yorkshire, said: "Scottish Widows emerged as the provider best able to supplement the provision of AVCs for our scheme members."
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