Aegon UK Expands Distribution Network

Edinburgh, United Kingdom, July 25, 2013

At Aegon UK, strategic expansion in the workplace market is a key objective for 2013. Being appointed to Mercer’s ‘preferred supplier’ panel for Mercer Workplace Savings this month, is a significant step forward.

Mercer Workplace Savings (MWS) was launched by Mercer in the UK in 2011 and has £3.6bn of assets committed from 90 corporate and trustee clients. Aegon will provide them with flexible pension and savings solutions through its range of workplace savings propositions, including its award-winning online solution, Aegon Retirement Choices.

Exclusively Aegon Pensions

Furthermore, Mercer Elect, which specializes in delivering flexible benefit solutions to meet the needs of smaller employers, will only sell Aegon pensions.

Adrian Grace, Chief Executive of Aegon UK explains, "we'll provide each employer who joins us through this partnership with a dedicated contact and then, dependent on the size of the client, either a face-to-face scheme manager or a telephony-based service for the ongoing management of the account. This will allow us to build a strong working relationship with these customers and make sure their needs are met".

Commitment to the UK Pensions Market

The assessment process was rigorous. "Mercer chose Aegon on the basis of the range and quality of their products, their commitment to the UK pensions market, their financial strength, and their ongoing investment in technology to help defined contribution (DC) members navigate their journey to and through retirement," says Fiona Dunsire, UK CEO at Mercer.

Aegon UK has had a focus on the workplace market for some time and its strategy now is about continuing its strong relationship with small and medium sized employers and moving up into the larger corporate space.

Key Player

"We knew to achieve our ambitions we had to do a deal with a key player in the intermediary market and. With Mercer controlling 12.5% of this market, we'll have access to more of the right customers," says Adrian.

The deal enables Aegon UK to firmly operate in the large corporate space as a best-in-class partner with one of the world's largest and most prestigious consultancies.

Written by: Aegon