Aegon has reported a surge in new workplace pensions business, with a 31 per cent year-on-year increase in gross deposits, with £6.9bn of assets moving to the provider.
Its results to the end of 2023 show net inflows for workplace of £1.8bn, its second highest year on record, reflecting new business and increased contributions. The provider says this has mainly been driven by transfers to its master trust, though there has also been some movement of group personal pension (GPP) schemes.
Assets under management at Aegon UK have increased from £187bn at the end of 2022 to £203bn at the end of 2023, up 9 per cent.
Mike Holliday-Williams, CEO of Aegon UK says: “These figures are a good reflection of the investment we have been putting into the workplace pensions business around apps, content, member insight and other improvements to the proposition, as well as the work done to improve portals and the way employers access and load data, which has now been rolled out to 100 per cent of employers:
“We lost one big trust scheme, but these results show we have good momentum and a strong pipeline going into 2024.”
