UK/NETHERLANDS - Financial services group Aegon has acquired a 60% stake in Newcastle-based IFA Positive Solutions for an undisclosed sum.
The IFA – which has been operating since 1997 – will become part of Aegon Distribution Holdings which also includes Wentworth Rose, Advisory & Brokerage Services and Momentum.
Positive Solutions will likewise retain its existing identity and have its own board.
Aegon Distribution managing director Peter Dornan will join the IFA’s board while David Harrison will remain as chief executive.
Separately, Aegon’s Dutch arm, Aegon Nederland, is looking to acquire administration agency TKP, according to reports.
The agency was set up by the Dutch telecoms and postal service pension schemes, KPN and TPG, and serves six pension funds with assets of some E6bn.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.