Aegon is taking the administration for Aegon Retirement Choices in-house as it reduces Novia’s role within the platform.
Novia has provided administration and development services since the soft launch of the platform in November 2011.
Administration will now be taken within the Aegon business in a phased handover to be completed by the end of Q1 next year.
When the deal was originally announced, Novia agreed to carry out the administration for up to five years. Novia will continue to provide development work for ARC.
Novia chief executive Bill Vasilieff says: “Aegon will be taking on the administration processes for the platform as was always intended but we have extended our development relationship with the business.”
An Aegon spokesman says: “We are delighted with the work Novia has completed on behalf of Aegon UK, both on the At Retirement and the Work Place Savings projects and we are pleased to be extending the developmental work we are doing with them.
“We will be moving the administration to our Edinburgh location and hope to achieve the transition by Q1 2014.”