The transfer is expected to be completed in early 2024, when the ongoing Financial Planning needs of around 90,000 Nationwide customers will move to Aegon UK. 

Aegon UK has been the trusted investment partner for Nationwide customers since 2016, providing access to Aegon’s products advised by Nationwide’s in-house Financial Planning service.

After the transfer Aegon will continue to be the ISA and general investment account provider of choice for all Nationwide customers.

Aegon UK’s chief executive, Mike Holliday-Williams, said: “The extension of this partnership supports Aegon UK’s strategy to be the leading digital platform provider in the workplace and retail markets, and to drive forward our pension and investment propositions for the benefit of all of our customers, advisers and employers. 

“Our customers will enjoy continuity and consistency of service secure in the knowledge that Aegon UK is committed to providing them with the support they require to look after their financial wellbeing.”  

Nationwide Building Society’s director of mortgages and financial wellbeing, Rachael Sinclair, said: “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.”

Netherlands-based Aegon offers pension, savings and investment to more than 4 million UK customers and employs more than 2,000 people in the UK.