The Nationwide Building Society has agreed to transfer its financial planning service to Aegon UK.
It is expected to take place in early 2024 and Aegon will continue to be the ISA and General Investment Account provider of choice for Nationwide customers.
The transition for customers will be minimal as Aegon is already the Society’s third-party provider for investments which are managed using their platform.
All Nationwide colleagues who directly support the investment business including the financial planning managers will become employees of Aegon.
Following a strategic review, Nationwide decided to make the transfer to focus on the other products it offers customers.
Mike Holliday-Williams, chief executive at Aegon UK, said: “ The extension of this partnership supports Aegon UK’s strategy to be the leading digital platform provider in the workplace and retail markets, and to drive forward our pension and investment propositions for the benefit of all of our customers, advisers and employers.
“Both Aegon UK and Nationwide recognise the importance of good quality financial planning, so we are delighted Nationwide has entrusted us to continue to look after the needs of these customers.”
Nationwide’s director of mortgages and financial wellbeing Rachel Sinclair, added: “As a dedicated pension and investment provider, Aegon UK are well placed to meet our customers’ ongoing financial planning service needs and to provide access to a broader range of support.
“There will be a smooth transition for customers, as Aegon UK already provides their investment products and platform.”
