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.
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.”
Yellowtail Financial Planning managing director Dennis Hall says: ”I do not think Aegon has a particularly good reputation when it comes to administration. I would suspect this move is being made in an effort to cut costs. A lot of firms at the moment seem to be more concerned with reducing outgoings rather than service levels.”