Nationwide Building Society has agreed the transfer of its financial planning service to Aegon UK, following a strategic review.

The transfer of the existing service, which is expected to take place in early 2024, will continue to be the ISA and GIA provider of choice for Nationwide customers.

Aegon UK has provided Nationwide customers with access to investment solutions, support and a digital experience since 2016.

The decision to transfer the service followed a strategic review, with Nationwide looking to increase its focus on the other products its offers customers, including mortgages, savings and current accounts.

Less than 1% of Nationwide customers currently have investment products. However, by transferring the financial planning service to a dedicated investment provider, customers will benefit from access to investment solutions, support and a digital experience to help them reach their financial goals.

The transition to Aegon UK will be minimal for customers, as it is Nationwide’s third-party provider for investment and they will be managed using their platform. As part of the extended partnership, Nationwide will introduce customers who are interested in investments to Aegon UK.

Director of mortgages and financial wellbeing at Nationwide, 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.”

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