Pensions - Articles - Aegon partners with Societe Generale on pension changes

Societe Generale and Aegon Master Trust have partnered to enhance the savings journey of 4,500 UK members, as Societe Generale changes its pension.

 Aegon was appointed by Societe Generale to move its existing in-house trust-based scheme to the Aegon Master Trust, which went live for employees during 2021 for future service.

 The bulk transfer of around £385m of existing pension assets from the trust-based scheme was undertaken in a series of three tranches over a two-week period, with the transition being overseen by Isio, the leading employee benefits consultancy, to ensure the best outcome for members.

 Graham Clark, Head of Benefits at Societe Generale said: “Pensions are an important component of employee remuneration and so at the heart of this process was our desire to make our employees’ pensions more accessible and interactive.

 “One of the key aspects that attracted us to the Aegon Master Trust was the intuitive app and video summaries which allow employees to keep up to date with their savings. The changes have been well received and have helped put pensions front of mind among employees”.

 Linda Whorlow, Managing Director of workplace business at Aegon comments: “It’s been great to welcome Societe Generale as a valued new pension client of Aegon UK and to work on this project together.

 “Over the last few years, we’ve been investing heavily in our Master Trust proposition to deliver market leading personalised member engagement tools, along with the development of our financial education, guidance and advice services to help members on their journey towards a secure retirement. Another key theme for us and Societe Generale is a robust and well governed investment offer and our LifePath default fund has seen a significant increase in the proportion of funds invested in ESG strategies. This is an area we are very passionate about and high on our agenda with all our partners.”

 Richard Birkin, Head of DC Solutions at Isio, and lead adviser to Societe Generale said: “The rapidly changing regulatory regime for Trustees of DC schemes has meant running a single-employer own-trust arrangement is becoming less feasible. Over the last five years the DC market has shifted at pace away from the sole employer model and propositions continue to evolve almost on a daily basis. It’s encouraging to see the strengthening of member journeys whether that be through engagement touch points or reshaped default strategies.”

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