Financial services provider Aegon UK has extended its partnership with British mutual financial institution Nationwide Building Society to take on the latter’s financial advice service.

As part of the extended collaboration, Nationwide Building Society will transfer its existing financial planning service to Aegon UK.

Under the terms of the transfer, Aegon UK will take over all of Nationwide Building Society’s rights and obligations set out in the terms of its clients’ Nationwide customer agreement.

The Edinburgh-based firm will continue to serve as the investment services account (ISA) and general investment account provider of choice for all Nationwide Building Society customers.

Aegon UK CEO Mike Holliday-Williams said: “The extension of this partnership supports Aegon UK’s strategy to be the leading digital platform provider in the workplace and retail markets, and to drive forward our pension and investment propositions for the benefit of all of our customers, advisers and employers. 

“Both Aegon UK and Nationwide recognise the importance of good quality financial planning, so we are delighted Nationwide has entrusted us to continue to look after the needs of these customers.” 

Aegon UK has been serving the British financial organisation’s clients as an investment partner since 2016. The firm offers access to its products advised by Nationwide Building Society’s in-house financial planning service.

Through the transition, it is expected that the ongoing financial planning needs of approximately 90,000 customers will be shifted to Aegon UK. 

Nationwide Building Society aims to focus more on other areas, including banking, savings and mortgages through the transfer of its financial advice service.

Nationwide Building Society mortgages and financial wellbeing director Rachael Sinclair 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.”

The transfer is anticipated to be concluded in early next year.