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Aegon moves platform admin away from Novia and goes in-house
by Alex Steger on May 23, 2013 at 10:53
Aegon has moved the administration of its Aegon Retirement Choices platform in-house and away from its platform partner Novia.
In March 2011 Aegon teamed up with Novia signing up the Bath-based wrap to develop and administer its platform proposition.
Under the terms of the original agreement Novia was set to provide administration for up to five years.
Aegon now plans to bring the administration in-house by the start of 2014.
However, the two providers are in talks over extending the development work Novia does for Aegon.
Novia was initially charged with developing Aegon’s workplace savings platform which was launched in May 2012.
Novia chief executive Bill Vasilieff (pictured), said Aegon’s move to take administration in-house was always part of the plan and that the wrap expected to carry out development work for the life company for at least another two years.
‘We have a very good relationship with them and we are working with them on an awful lot more development,’ he said. ‘They are a very important client.’
An Aegon spokesman said: ‘We are delighted with the work Novia has completed on behalf of Aegon both on the at retirement and the workplace savings projects and we are pleased to be extending the developmental work we are doing with Novia.
‘As was always anticipated we will be moving the administration to our Edinburgh location and hope to achieve the transition by the first quarter of 2014.’
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