Aegon has said that it plans to further develop its workplace savings proposition after completing its purchase of BlackRock’s UK defined contribution platform and administration business.

With an additional £15bn of assets and more than 450,000 customers transferred over from BlackRock, Aegon now has £38bn is workplace pension assets under administration and 1.15 million workplace customers, under the leadership of new chief distribution officer Ronnie Taylor.

The completion of the deal enables Aegon to offer a full suite of DC products, and the company now intends to refresh its workplace savings proposition.

“Today is the start of an exciting new chapter in the development of our workplace savings business,” said Taylor, who joined Aegon from Scottish Widows.

“With employers demanding additional solutions to meet employees’ needs to and through retirement, workplace savings are no longer just about traditional DC pensions.

“Now Aegon can offer the full suite of master trust, own trust, investment only and broader workplace savings solutions to trustee and corporate clients. The combination of our exceptional capabilities coming together within one powerful workplace business means we are uniquely placed to deliver something fit for the needs of clients both large and small.”

He said that the provider was set to shortly announce a schedule of new developments.

BlackRock will now focus on developing its £98.5bn UK DC investments business.

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