Aegon’s corporate platform proposition will go live later this month, offering the ability to tailor the functionality available to different staff segments.
The provider’s Aegon Retirement Choices platform will offer access to 1,400 funds and a wide range of tax wrappers including corporate Isa, offshore bond and share dealing. The platform’s gating system enables employers to offer staff four different levels of functionality, ranging from just pension and Isa to a full platform service.
Aegon is aiming the new platform at organisations with up to 1,000 employees who are less likely to be served by EBCs, several of whom are creating their own propositions. The provider soft-launched the at-retirement component of its Aegon Retirement Choices proposition, which offers guaranteed ‘third way’ annuity products, to 50 intermediaries last November. Administration on the workplace savings platform is provided by Novia, with technology developed by GBST.
Speaking ahead of the launch, Aegon UK chief executive Adrian Grace says employers need to move beyond seeing auto-enrolment as a challenge and instead focus on what solution will achieve the best outcome for their business, which he believes will in many cases be the implementation of a corporate platform.
Grace says: “We need to get out of the state of mind that says auto-enrolment is a necessary evil, and into a place that looks at what employers and employees actually need. Auto-enrolment is not just a compliance issue – it is about maximising the opportunities for growth for employers, employees and intermediaries.
“In the past, the cost to serve the bulk of employees has been too expensive for many advisers. Technology now makes that possible.”