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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 moves platform admin away from Novia and goes in-house

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.’

9 comments so far. Why not have your say?

John D

May 23, 2013 at 12:36

So, it's nothing to do any service problems (sorry, "issues") then?

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May 23, 2013 at 15:03

@ John D

Aegon ARC promised the earth, then they miss monthly premiums, fail to chase any transfers, ignore your emails, ignore complaints, overcharge a client . . . and on and on and on

IFAs spend more time correcting their errors . . . and then, they expect the clients to pay for your time spent chasing/correcting their (Aegon) errors!!!

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Barry K via mobile

May 23, 2013 at 17:37

I wonder if the transfer of admin will help/hinder the current issues? I remember when Skandia did this with Selestia, what a nightmare!

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Bob Donaldson

May 23, 2013 at 17:39

The trouble is they are not the only platform with problems but none of them will admit it. It is about time some of the companies came clean about the problems they are suffering. Time for an honest relationship with advisors I think but don't hold your breath!

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Still waiting via mobile

May 23, 2013 at 22:10

The 2 aegon rc consultants working out of Manchester return your call after a week of waiting! Then say you need their training course with a months waiting list.

Wake up to the competitive world aegon

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May 24, 2013 at 08:46

We had a consultant (and I quote) state they have a "restricted role" with the admin of the platform - not so restricted when they were taking the business!

When the "Strategic Account Manager" finally booked a meeting, his response was that of a typical bolshy salesman - well, you know we are big and very good, so you can go elsewhere, but when XYZ Life company (I have not quoted the competitor life company) mess up, you will be back . . . . .

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Peter Clarke

May 24, 2013 at 17:03

Aegon Edinburgh really are not a good organisation in my experience. They need to tackle the problem that their systems are patchy and their staff generally pretty badly trained and managed, with the result that they get too much wrong too often, and it's almost impossible to find anyone who has been granted the authority to put it right.

It's certainly not good news that the One Retirement product is moving north.

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Oksana Dovorecka

May 28, 2013 at 09:05

@Barry K, FYI


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May 28, 2013 at 13:00

Service, functionality and fund choice are a number of drivers around my selection of platform.

If the service is poor then the cost needs to be covered by either the client but normally the adviser firm. That needs to stop as we need to rely on a straight through process rather than relying on lots of human Intervention in the background.

Removing Novia is intriguing as is what happens next around the service quality being offered as an alternative.

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