It will work together with Nest to provide a combined auto-enrolment approach for employers and employees, allowing them to run an Aegon scheme alongside a Nest scheme.

Nest (National Employments Savings Trust) is an auto-enrolment workplace pension scheme for all UK employers.  

The four key areas that Aegon and Nest will focus on are:

• Integrating the auto-enrolment processes, including re-enrolment, and centralising the calculation and transmission of contribution information for all employees. Aegon's auto-enrolment hub will facilitate these processes.
• An agreed strategy for delivering communications where both parties are providing auto-enrolment solutions.
• Preparing joint approaches and bids to corporate customers. This may include preparing 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' ongoing needs.

Paul McMahon, UK group marketing director for Aegon, said: “It’s in everyone’s interest to make auto-enrolment a success. We’re delighted to have reached an agreement with Nest to offer an integrated solution where it’s in the best interests of our customers to do so.

“We believe this dual scheme approach and our close working relationship with Nest will reduce the administrative headache for employers and help them engage with a broad spectrum of employees to get them planning for retirement.”

Tim Jones, 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.”