Aegon takes on £120m Thermo Fisher Scientific scheme
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Around 5,000 Thermo Fisher Scientific UK pension scheme members have joined Aegon Master Trust, with £120m of assets transferred.
Aegon was appointed by the scientific instruments and software provider to replace its stakeholder pension scheme following a review.
The scheme was transferred to Aegon Master Trust, with members joining in April, while the assets were then formally transferred in September.
Members were greeted with bespoke online presentations and an"email welcome journey", which Aegon said had high take-up rates.
Aegon managing director of workplace business Linda Whorlow said:"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."
The provider said it now expected to pass a"significant milestone" of £3bn of assets administered by the master trust, which Whorlow said reflects"strong momentum" in business wins this year.
The master trust was authorised last September as one of 38 to remain in the market following the introduction of a more intensive regulatory environment.
Last week it announced that it would move to a fully independent board, and was looking for a trustee with investment experience, particularly in relation to ESG issues.
This article was written by James Phillips from Professional Pensions and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to email@example.com.