17 August 2023
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AG advises Nationwide on transfer of financial planning service to Aegon UK

Addleshaw Goddard (AG) has advised Nationwide Building Society (the Society) on the transfer of its Financial Planning service to longstanding partner Aegon UK. The actual transfer is expected to take place in early 2024.

The extended strategic partnership between Nationwide and Aegon UK will see the transfer of the existing Nationwide Financial Planning service to Aegon UK, which will continue to be the ISA and GIA (General Investment Account) provider of choice for Nationwide customers. All Nationwide colleagues who directly support the investment business, including the Financial Planning Managers, will become employees of Aegon UK (as protected under TUPE regulations).

Nationwide's decision to transfer its Financial Planning service to Aegon UK was made following a strategic review by the Society as it increases its focus on the other products it offers members and customers including mortgages, savings and current accounts.

The transition for customers will be minimal as Aegon UK is already Nationwide's third-party provider for investments, and these will continue to be managed using the same platform. As part of the extended partnership, Nationwide will introduce customers interested in investments to Aegon UK.

The AG team was led by Corporate M&A partners Ben Koehne and Oliver Broomfield and Legal Director James Woodward.

Additional team members include, amongst others, Jemima Clarke (Corporate); Damon Rosamond-Lanzetta and Andrew Carter (Commercial); James Greig and Christopher Walker (Financial Regulation); Richard Yeomans and Katherine Nash (Employment); Jade Murray and Andrew Steer (Pensions); Paul Concannon and Adam Kobeissi (Tax); and Al Mangan and Anna Davies (Competition).

Ben Koehne, Partner and Head of Building Societies and Mutuals at Addleshaw Goddard, said:

"We are delighted to be advising our longstanding client Nationwide on this strategic transaction, which further builds on the Society’s existing partnership with Aegon UK.
It is anticipated that the transfer will give Nationwide the ability to continue to meet the financial planning service needs of its customers, while providing customers with access to a broader range of support, including greater access to investment solutions and a digital experience that will help customers meet their financial goals."

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