Aegon’s UK workplace platform saw net deposits of £3.7bn in 2024, resulting from the onboarding of 268 new schemes and higher regular contributions across the board.
Publishing its second half 2024 results this morning, Aegon says several of the new schemes onboarded were beyond the £100m assets threshold. Aegon UK CEO Mike Holliday-Williams says the workplace pension business had seen a 98.5 per cent scheme retention rate, in part driven by interest in the provider’s investment strategy, including its new private markets.
In November Aegon was announced as a cornerstone investor in the British Growth Partnership, which will be brought into its £12bn Universal Balance Collection fund, through one of three LTAFs.
But the provider did see continued outflows from its UK adviser platform, which it plans to return to growth by 2028 by targeting the top 500 financial adviser firms.
Aegon has also launched full digital drawdown, and is about to relaunch its offshore bond in response to the upcoming changes in inheritance tax (IHT) rules.
It is set to launch its Mylo communication tool that delivers personalised messages and engagement material at key life stages.
Holliday-Williams said: “We have had a good H2, doubling net flows, with an 11 per cent increase in workplace assets.
“We have already launched this year a full digital drawdown proposition and we have Mylo ready to go in the spring, where we will be starting to roll it out through workplace.”
