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Aegon teams up with Nest to run dual schemes
by William Robins on Mar 15, 2012 at 10:34
Life company Aegon has agreed at deal with National Employment Savings Trust (Nest) to allow employers to run pension schemes from both providers side by side.
Aegon said it was the first provider to agree a formal ‘dual scheme’ approach with the Nest.
The deal means Nest and Aegon will work together in four ways:
- Integrated re-enrolment, and centralised calculation and transmission of contribution information for all employees. Aegon will facilitate this process.
- A common strategy for delivering communications.
- Joint bids to corporate customers including joint tender material and customer-facing documents.
- Regular review of agreed processes and joint activity to ensure the business relationship continues to develop to meet clients’ on-going needs.
Tim Jones (pictured), Nest chief executive, said: 'Nest has been built to work alongside existing provision and is specially designed for its target market of people new to pension saving and their employers. We are very pleased to be working with Aegon as one of our partner providers.’
The deal comes amid demands from MPs to remove a ban on transferring money in and out of Nest from other pension schemes. A Work and Pensions Select Committee report has urged the government to lift the transfer ban and a cap on contributions imposed on Nest following the making auto-enrolment work review in 2010.
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