Court approval of the Part VII transfer of BlackRock’s UK DC platform and administration business to Aegon took place on Tuesday, giving Aegon a broadened suite of workplace savings solutions, across master trust, own trust and investment only structures.
New chief distribution officer Ronnie Taylor says the deal, which brings more than 450,000 customers to the provider, and swells workplace pension assets under administration to £38bn, marks the beginning of a new chapter in the development of the organisation’s workplace savings business.
The BlackRock brand will be replaced with the Aegon brand from this point forward.
Taylor, who joined from Scottish Widows in May, said: “With employers demanding additional solutions to meet employees’ needs to and through retirement, workplace savings are no longer just about traditional DC pensions.
“The combination of our exceptional capabilities coming together within one powerful workplace business means we are uniquely placed to deliver something fit for the needs of clients both large and small.
“There has been a lot of work behind the scenes since we first announced this deal in May 2016. Now it’s complete we are primed to push on with an exciting schedule of developments that we look forward to sharing soon.
“Aegon is passionate about helping employers engage staff with their savings to ensure the financial wellbeing of their workforce, while helping employers unlock the value of the significant spend they are making.”