Nationwide Transfers Financial Planning Service to Longstanding Partner Aegon UK

Nationwide Building Society has agreed the transfer of its Financial Planning service to long term partner Aegon UK following a strategic review. The transfer is expected to take place in early 2024.

The extended partnership will see the transfer¹ of the existing Nationwide Financial Planning service to Aegon UK, which will continue to be the ISA and GIA (General Investment Account) provider of choice for Nationwide customers.

Since 2016, Aegon UK has provided Nationwide customers access to investment solutions, support and digital experience.

Following a strategic review, the Society took the decision to transfer its Financial Planning service to Aegon UK as it increases its focus on the other products it offers customers, primarily mortgages, savings and current accounts.

Less than one per cent of Nationwide customers currently have investment products and by transferring the Financial Planning service to a dedicated investment provider, customers will benefit from access to investment solutions, support and a digital experience to help them reach their financial goals.

The transition for customers will be minimal since Aegon UK is already the Society’s third-party provider for investments and these are managed using their platform. As part of the extended partnership, Nationwide will introduce customers interested in investments to Aegon UK.

Nationwide will be contacting customers with details of what this means for them.

All Nationwide colleagues who directly support the investment business, including the Financial Planning Managers, will become employees of Aegon UK (as protected under TUPE regulations).

Rachael Sinclair, Director of Mortgages and Financial Wellbeing, said: “Following a strategic review, we will be working closely with Aegon UK in the coming months to transfer our investment planning service to them. As a dedicated pension and investment provider, they are well placed to meet our customers’ ongoing financial planning service needs and to provide access to a broader range of support. There will be a smooth transition for customers, as Aegon UK already provides their investment products and platform.”

¹ Fenchurch Advisory Partners LLP and Addleshaw Goddard LLP advised Nationwide Building Society throughout the process.