Aegon's master trust assets exceed £1 billion

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Across all life sales in Europe, the firm recorded €137m (£149m) of new business in the first six months of this year, while its overall European underlying earnings before tax hit €439m in the same period, up €4m since last year.

UK chief executive Adrian Grace said:"Aegon's workplace offering goes from strength to strength as we begin to fully realise the benefits of the BlackRock DC acquisition which provides us with a proposition that is very attractive in the larger employer market."

He said the firm had secured the business of a"number of large clients" between January and June this year.

"In particular, the master trust is one of the capabilities acquired and earlier this year, assets in this proposition surpassed £1bn for the first time," he continued."This form of a multi-employer pension scheme is proving increasingly popular with larger employers and we expect to see strong growth in this part of the market in the coming years."

Aegon's master trust is one of 39 schemes to have applied for authorisation to The Pensions Regulator; it is currently awaiting a decision on whether it can to continue to operate in the market.

Across its entire UK pensions proposition, Aegon administered around £140bn of assets at the end of June, with around £40m in annualised savings realised from its integration of the Cofunds platform.
 
This article was written by James Phillips for Professional Pensions and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.