Aegon UK has extended its strategic partnership with Nationwide Building Society to take on the building society’s existing financial planning service.
The businesses said the extended deal will “reshape” the current relationship to “play to both organisations’ strengths” and provide a “smooth transition for customers”.
The transfer is expected to be completed in early 2024, at which point the ongoing financial planning needs of around 90,000 customers will move to Aegon UK.
Aegon UK has been the trusted investment partner for Nationwide customers since 2016, providing access to Aegon’s products advised by Nationwide’s in-house financial planning service.
It will continue to be the Isa and general investment account provider of choice for all Nationwide customers.
Aegon UK chief executive Mike Holliday-Williams said the extension of the partnership “supports Aegon UK’s strategy to be the leading digital platform provider in the workplace and retail markets”.
He said the deal will also help “drive forward” Aegon’s pension and investment propositions “for the benefit of all of its customers, advisers and employers”.
“Both Aegon UK and Nationwide recognise the importance of good quality financial planning,” he added. “So we are delighted Nationwide has entrusted us to continue to look after the needs of these customers.
“Our customers will enjoy continuity and consistency of service secure in the knowledge that Aegon UK is committed to providing them with the support they require to look after their financial wellbeing.”
Nationwide director of mortgages and financial wellbeing Rachael Sinclair said the building society will be “working closely” with Aegon UK in the coming months to transfer its investment planning service.
“As a dedicated pension and investment provider, they are well placed to meet our customers’ ongoing financial planning service needs and to provide access to a broader range of support,” she added.
“There will be a smooth transition for customers, as Aegon UK already provides their investment products and platform.”
In the UK, Aegon offers pension, savings and investment to around four million customers and employs 2,000 people (as at 31 December 2022).
It is part of the wider Aegon Group, based in the Netherlands, whose roots go back to the first half of the nineteenth century.
Since then, Aegon has grown into an international business, with around 29 million customers in multiple countries and €747.4bn (around £645.6bn) of revenue generating investments (as at 30 December 2022).
