The move adds 300 new jobs at Aegon UK and means the creation of a new service, Aegon Financial Planning.

The transfer is an extension to a long standing partnership between Aegon UK and Nationwide Building Society and was announced in August 2023.

Aegon says the expansion is a “significant step” in Aegon’s ambition to become the “leading digital platform in the UK.”

The new Financial Planning arm will work under the umbrella of adviser firm Origen, a wholly owned subsidiary of Aegon UK, and will support Nationwide customers looking for investment products and financial advice.

Aegon UK has partnered with Nationwide since 2016 and will continue to be the ISA and General Investment Account provider for Nationwide customers. It will also have responsibility for the Financial Planning needs of 90,000 customers and £5bn of assets. 

Mike Holliday-Williams, CEO of Aegon UK, said: “It gives me great pleasure to welcome more than 300 new skilled and experienced colleagues to Aegon UK. We’re extremely positive about this new business service, and the scale of the strategic move which is energised by the £5 billion volume of assets under advisement.

"The completion of the transfer marks a significant step in Aegon’s strategy to be the leading digital platform in the UK, driving forward our pension and investment propositions in our key retail and workplace markets for the benefit of all of our customers, advisers and employers. 

“Our customers can be secure in the knowledge that Aegon UK is committed to providing them with the support they require to look after their immediate and long-term financial wellbeing.”

Tim Orton, chief executive of Origen, said: “Since announcing the extension of our strategic partnership in August 2023, we have been working to ensure a smooth transition and continuity of service for our Nationwide customers, and I’m delighted to welcome our new colleagues as we embark on the next part of this journey.

“The addition of Aegon Financial Planning acts to complement our existing corporate, wealth and private client services, ensuring all our customers can access effective advice to help them build a brighter financial future.”

Dutch-owned Aegon provides pensions and investments to more than 4m customers and employs more than 2,000 people in the UK.