Aegon UK, the pension provider to over 4,000 UK employers, is up for sale, with Phoenix, the parent company of Standard Life, Scottish Widows, Royal London and private equity groups all considering the acquisition, according to media reports.
Aegon has confirmed that the potential sale of its UK business, announced in a review in December, could form part of an overhaul that would see it move its HQ to the US and change its name to Transamerica, a brand it already uses in North America.
Aegon is the UK’s fourth biggest DC pensions provider, having £62.8bn of bundled DC assets at the end of 2024. It had 708,533 employees actively saving across its schemes held by over 4,000 employers.
Aegon Asset Management’s UK operations will not be part of the divestment.
An Aegon spokesperson said: “As announced at our Capital Markets Day 2025, Aegon Ltd has begun a strategic review of Aegon UK to assess the best way to accelerate and maximize value for all stakeholders. In this review all options will be evaluated, including a potential divestment. The review is expected to be concluded around the middle of 2026, and neither we, nor Aegon UK, can comment further until then.”
