Ms Miriam Adams, Interim Head of Pensions and Treasury said the report provided Board members with an update on the performance of the Fund’s AVC providers Utmost and Aviva.

She said under the LGPS regulations, each fund had to provide access to an AVC arrangement where Fund members can elect to pay additional contributions in order to further boost their retirement savings and/or provide additional life assurance. She referred members to paragraph 3.7 of the report and the proposed review of the current providers as well as the table suggesting a list of objectives and outcomes

In response to comments from members the following was noted:

• Mr Gray stated this was an important topic and welcomed the review of AVC providers.
• Mr Jones concurred a review would be a sensible exercise in due diligence.

The Pensions Board RESOLVED to:

Note the recommendations being made to the Pensions Committee who were to consider this report at their meeting of 5^th July 2021:

The Pensions Committee is recommended to:

1. Note the content of the report;
2. Agree the recommendation to commission an independent review of existing AVC providers Aviva and Utmost; and
3. Agree Fund Objectives for Additional Voluntary Contributions (AVC).