Aegon completes transfer of £120m workplace scheme despite pandemic challenges
- Aegon Master Trust on path to £3bn in assets
Aegon has successfully completed the roll out of the Aegon Master Trust for 5,000 Thermo Fisher Scientific UK members. Roll out includes the transfer of around £120m of existing pension assets.
Thermo Fisher Scientific, the world leader in serving science, employs more than 75,000 people globally with more than 6, 000 located in the UK. Their Mission is to enable their customers to make the world healthier, cleaner and safer, and they fulfill this mission by pushing science and technology a step beyond where it is today.
Aegon was appointed by Thermo Fisher Scientific as the new provider of its workplace pension plan at the start of the year following the review of their previous group stakeholder pension scheme.
The scheme was transferred to the Aegon Master Trust during the pandemic. It went live for employees in April for future service with the bulk transfer of around £120m of existing pension assets completing in September.
The launch was supported by the Aegon implementation team with bespoke online member presentations and an email welcome journey, both of which had high take up rates.
The move means that Thermo Fisher Scientific will benefit from the governance structure of a master trust and the communications tools and support to improve member engagement including:
- Member Insights - Aegon’s dynamic governance solution that provides detailed insights and scheme analysis so employers and their advisers have the essential information at their fingertips to make scheme decisions with confidence.
- Video summaries - Aegon’s animated video pension summaries that feature real time pension information such as fund values and contributions levels in a 3 minute video summary providing members with a timely picture of their retirement savings position.
Linda Whorlow, Managing Director of workplace business at Aegon comments:
“Future proofing the scheme was a key objective for Thermo Fisher Scientific and it’s something that Aegon has worked hard to deliver over the years. The range of digital and dynamic tools and services such as Member Insights and video summaries available to Thermo Fisher Scientific and their members through the Aegon Master Trust, will go a long way to achieving this.
“We’re delighted that so many Thermo Fisher Scientific employees will be able to enjoy the benefits that come with access to the Aegon Master Trust.
“The global pandemic certainly gave us a few challenges but with some creative thinking and flexible approaches to the support we provided we were able to deliver on what will hopefully be the start of a long and solid partnership. The transfer also takes us another step closer to passing a significant milestone in 2021 of towards £3bn of assets administered in the Aegon Master Trust, reflecting strong momentum in Aegon new Master Trust business wins this year.”
Notes to Editors
- In the UK, Aegon offers retirement, workplace savings and protection solutions to over three million customers. Aegon employs around 2000 people in the UK and together with a further 800 people employed by Atos, we serve the needs of our customers. More information: aegon.co.uk
- As an international life insurance, pensions and asset management group based in The Hague, Aegon has businesses in over twenty markets in the Americas, Europe and Asia. Aegon companies employ approximately 26,000 people and have millions of customers across the globe. Further information: aegon.com
Figures correct as of November 2019