Following the acquisition of BlackRock’s UK defined contribution platform and administration business, Aegon has promoted Kate Smith to the new role of head of master trust.
Smith, who joined Aegon in 2006, was previously head of pensions for the company.
In her new role she will be responsible for leading the development of Aegon’s master trust proposition, including the authorisation process.
Aegon’s chief distribution officer, Ronnie Taylor, says: “Our master trust is a key part of our workplace strategy, and I’m delighted to have Kate driving this forward given her expertise in the workplace market.
“The Pension Regulator has raised the bar with its new regulations to improve master trust standards across the board. This appointment endorses our commitment to the master trust market and the work we are doing to support the trustees’ application for authorisation.”
Smith adds: “To ensure workplace pensions continue to thrive we as providers must keep raising our game, supporting employers and helping employees save for life after work.
“Master trusts make up a huge part of the workplace pensions landscape and are set to grow exponentially in the next 10 years, and we are keen to be part of this. The new regulations will make master trusts stronger and give greater protection to members.”
Smith has 30 years’ experience in the industry and has previously worked for both PricewaterhouseCoopers and Mercers HR Consulting.
She will remain one of Aegon’s main media spokespeople, covering a broad range of long-term pensions and savings issues.