Structured in the right way, workplace savings can be a powerful tool to help employers to attract and retain the best people for their business or organisation.
Plus, of course, workplace savings can provide a valuable foundation for employees’ long-term financial well-being. There’s also emerging evidence of a link between financial well-being and employee productivity.
We believe it’s essential that workplace savings create business value for employers, as well as supporting the needs of scheme members. By offering a full range of workplace savings options and services, we’re committed to providing a solution that can meet every employer’s requirements, whatever the size, complexity or future plans of their business.
What we can offer you:
Whichever workplace solution you choose, we make implementation easy. You’ll be allocated a dedicated implementation manager and our clear set-up process aims to avoid any disruption to your day-to-day business. Ongoing administration and servicing is supported by a named relationship manager who will act as your day-to-day contact, covering any training needs you might have and dealing with any issues that arise in your scheme.
Everyone in Aegon – from our CEO to our administrative staff – has customer service at the heart of all they do. We continually monitor the Net Promoter Score, which tracks customer recommendations, for all aspects of our business.
We also run a customer panel – drawn from employers, employees and advisers – with whom we continually test our communications, engagement, online usability and product development. In this way, we constantly seek to improve our offering so it always meets our clients’ real-life needs.
Proper integration with payroll and HR systems is essential to the success of any workplace savings arrangement. We take the time to make sure complete integration of our systems with yours so you have a solid foundation for your workplace offering, no matter how your business grows or changes over time.
Aegon is known for its digital platform, the largest advised platform for pensions and savings in the UK. Our development programme and customer panel drive ongoing innovation that’s genuinely aligned with the needs of users. We took on the administration of the BlackRock book in August 2016 and acquired the BlackRock DC Pensions business in July 2018. Their systems and teams have been retained for TargetPlan.
All scheme members also have online access to their workplace savings and all necessary information. This allows them to review and manage their own arrangements and reduces the burden of member queries on employers and HR teams.
As an employer, you have a duty to make sure you offer employees a fully compliant, fair and strictly governed pension scheme. We've already helped many UK companies prepare for auto-enrolment. So we can be relied on to make sure your arrangement meets all governance requirements. Our ongoing reporting also delivers the information you’ll need to meet your day-to-day governance duties.
The first phase of auto-enrolment is over but there’s an ongoing need to support cyclical re-enrolment and to govern the established scheme. Our tools and services support you in these mandatory duties, freeing you up to focus on more value-adding activities such as member engagement and communications.
Our Independent Governance Committee (IGC) is also vital in providing you with peace of mind. It makes sure we deliver value for money and holds us to account in placing member interests first. In 2016, Pensions Insight gave its inaugural ‘IGC of the Year’ award to the Aegon IGC.
The Aegon Master Trust (AMT) is an authorised master trust. This means that it meets a set of regulatory criteria set by The Pensions Regulator (TPR). The AMT is published on the Pensions Regulator’s list of authorised master trusts. You can find the list of authorised master trusts here.
Our reporting system Member Insights, helps you manage your scheme by giving you information about your members, investments and contributions. It also provides you with a governance report for use at your governance meetings.
Pensions Insight’s IGC of the Year, October 2016.
Employers increasingly carry the burden of pension provision for employees. At Aegon, we’re determined to help you realise business value for that commitment – from using your workplace savings offering to help attract and retain talented staff, to improving overall levels of employee engagement and satisfaction.
Aegon has developed a host of tools, support and communications to help you unlock business value. We can work with you to support engagement across your workforce. To learn more, visit our Support for employers page.
What we can offer your members:
Our investment options range from simple solutions that automatically adapt through the lifetime of each member to a fully bespoke investment choice. All our tools and communications are designed to bring these choices alive for members so they’re well prepared to make their own investment choices:
Lifestyling (includes default): We offer lifestyling funds (which includes our default fund) that automatically move members from investing for growth through more defensive portfolios as they approach retirement. Members can choose from lifestyling strategies designed to accommodate drawdown, annuity purchase, or taking cash on retirement. As our default fund will be used by the majority of members, we make sure this is appropriate for those who choose not to engage with their investments.
Self-select funds: For members who are interested in investing, we offer tiered and – where required – gated access to more specialist funds that open up wider investment choice in a controlled way. This allows every employer to offer investment choice that’s suited to the diverse needs of their workforce.
Your role in workplace savings may stop as employees retire. However, our workplace savings solutions are equally suited for members to use through retirement as well as during their working life.
Our workplace solutions support the full range of pension freedoms from age 55. Our lifestyling funds, for example, can automatically revise a member’s mix of investments over time, depending on whether they wish to use drawdown, purchase an annuity or take cash on retirement.
At or in the run-up to retirement, employees can also move easily to our integrated and flexible drawdown solution. This includes a price cap so the costs you demand as an employer are sealed in throughout the member’s retirement. This cap applies to our self-invested personal pension (SIPP), individual savings account (ISA) and general investment account (GIA).
Retiring members can also retain full secure online access to the Aegon Platform and its full range of funds, tools and investor support. This can help to make sure the transition from work to retirement as easy and familiar as possible.
Aegon Assist, our guidance service from a UK-based team of trained pension specialists, can also help guide employees through their retirement decision-making process for our Workplace Solutions products.
We’re dedicated to helping you make sure all your members understand, value and make full use of their workplace savings opportunities.
When Aegon is appointed, we can work with you to tailor a campaign of onsite presentations and communications to make sure of a smooth transition to us. We also provide a full suite of ongoing communications and support for employers, members and new joiners so workplace savings continue to have a high profile throughout the organisation.
Members can also manage their workplace savings online. Using our digital platform, they can:
- access a range of tools to help them understand their own investment risk profile and see which investments may be suitable for them;
- project what their pension pot is likely to be, based on their current level of savings;
- see what that pension pot will mean for their retirement income – and how they can improve it, and
- understand their different pension choices at retirement - and take steps well before then to plan what they want to do.
From building up their workplace savings to making effective use of them in retirement, we aim to help you to give every employee a firm foundation for their long-term financial planning.
We have partnered with the CBI to research and understand how engagement can help employees value the benefits from their employer.
What's right for you?
If your organisation has complex business needs – like the challenges of managing multiple sites, payrolls and pay days – you might want to prioritise administrative flexibility. TargetPlan can provide master trust, trust and contract-based solutions for your members.Find out more about TargetPlan Find out more about TargetPlan
If you’re looking to give your employees control of their workplace savings, our Workplace Solutions platform can do this for you. Offering a digital solution that combines SIPPs, ISAs and investment accounts, our fully flexible fund choice gives your employees a complete long-term savings solution.Find out more about Workplace Solutions Find out more about Workplace Solutions