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AEGON for Corporates

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Corporate Pensions

We’ve organised Corporate Pensions into five different areas. These are:

Service Relationship Management - This area builds relationships with key customers and is also home to the Helpdesk, which takes incoming calls from customers looking for information.

New Business - This area ensures all new schemes and new scheme entrants (customers) are added to our records. It also processes all contributions paid into these schemes.

Servicing - These areas are responsible for all after-sales administration for the group pension schemes.

Claims/Unisure - Claims processes all claims when a customer reaches their retirement date, if the customer dies or if the plan is transferred to another pension provider. It also provides quotations before retirement or transfer.

Group Central Servicing - This area controls any complaints. It also co-ordinates recruitment within Corporate Pensions and the collection of management information.

Employee Benefits

Employee Benefits provides AEGON UK’s core group risk products for corporate customers. We aim to be the provider of choice for financial advisers based on our reputation for great service to our customers.  The department is split into eight sections and a description of what they do follows:

Quotes

  1. Analyse data to ensure it meets our criteria to quote
  2. Produce quotes for all contracts
  3. General administration
  4. Deal with customer enquiries

New business

  1. Process application for corporate protection
  2. Process data resulting in setting up customer account
  3. General administration – issue reminder letters requesting missing information
  4. General communication with internal and external customers

Scheme underwriting

  1. Scheme underwriting for all quotes produced
  2. Agree terms with reassurers
  3. Agree rates with clients
  4. Respond to technical queries

Medical underwriting

  1. Medically underwrite individual scheme members
  2. Assess risk for late/discretionary members over free cover
  3. Obtain medical and other evidence
  4. Communicate underwriting terms

Claims

  1. Medically access income protection, critical illness and group life claims
  2. Pay claims for valid duration
  3. Help with rehabilitation of claimants
  4. Account management for key clients and financial advisers

EPM/Flex

  1. Day-to-day administration of flexible group life, critical illness, permanent health, and spouse and partner schemes
  2. Process monthly data checks, incorporating leavers, joiners and lifestyle changes
  3. Produce annual renewal/account reconciliations

ALIS servicing

  1. Process day-to-day administration for group risk schemes
  2. Review scheme data and complete annual renewal accounts
  3. Complete alterations to schemes when required

Documentation

  1. Issue policy documents to corporate customers
  2. Update existing schemes to reflect legislative changes
  3. General communication with internal and external customers

AEGON Trustee Solutions and AEGON Actuarial Services

There are several departments within the AEGON Trustee Solutions Business Unit, which Administration, Documentation and Reports and Accounts, Wind Up Services and Marketing and Business Development. AEGON Actuarial Services is also part of AEGON Trustee Solutions and there are 2 teams under this banner, a team of Actuarial Consultants and also a team producing the actuarial valuations called Actuarial Services. Each team consists of between 8 and 12 people.

Our main role is to provide a full range of specific administration processes for a range of Occupational Pension Schemes, primarily Defined Benefit in nature.  Each section must ensure that the services they provide are in line with professional and legislative requirements and are processed in an accurate, timely and efficient manner. We deal with Trustees, IFAs, Company Directors and Legislative bodies and sometimes scheme members in the course of our daily administration services.

Business Support

This area does exactly what it says on the tin – supports customer services in a variety of ways. The mailroom, packaging, printing and copy centre make up part of business support.

Commission Department

In return for financial advisers placing business with us, we pay them a ‘fee’ in the form of commission, either by cheque or direct into their bank account. This department is responsible for dealing with the majority of questions, instructions and complaints relating to commission for the most of the contracts that AEGON Scottish Equitable sells. The department is split into four sections and managed by a department manager.

We also maintain the financial advisers’ accounts, which are called agencies. This includes name and address details, transfer of business between companies, transfer of contracts between financial advisers and much more. 

Process and Quality

This section is made up of business analysts who are responsible for providing technical knowledge on commission systems, not only to the department but also to the rest of the company. They also train staff, initially check new people’s work and work to continually improve our work processes.
System business analysts are responsible for providing staff with various information reports from our systems and setting up macros to improve how we process payments, reclaims and automatic adjustments to commission.

Business Services

This area covers six different teams who support all mainline areas of the company. 

COSU - deals with all mail relating to areas that process work on AWD (Automated Workflow Distributor) and the papers are scanned onto the system.  This creates a "paperless office" in that paper is only received in one area then scanned and indexed to the correct business area.  There are original documents received within this team that have to be copied and returned to the originator e.g. birth/death/marriage certificates, trust forms, Inland Revenue forms etc, and all cheques also have to be banked, with receipts then scanned on with the paperwork.  There is a team of 22 FTE's and 2 Section Managers who work varying shifts to ensure same day processing, and the hours of work are between 7am and 10pm Monday to Friday.

Packaging - deals with all bulk issuing of output for the company, such as policy documents, statements, mailings, letters, cheques, commission statements and branch mailings.  Most of the tasks are currently "hand packed" with specific legislative documentation, however we are working towards issuing more on our Mailmaster - the machine can issue 3,000 items per hour!  The team work from 7am to 7pm Monday to Friday and there are currently 13 team members.

Business Printing - produces all the output for the Company on large bulk printers and the majority of this is passed to Packaging Department to issue.  The work is produced in batches and all bulk printing tasks are sent via servers which the team then release to specific printers.  There are various paper types used, and the team work on a shift basis covering 7 nights per week, and 20 hours per day.  

Microfilm - All papers that are dealt with have to be stored once completed, so this team "file" the papers for reference in the future.  There are currently 7 team members who work Monday to Friday.  The papers are scanned and indexed by the team and this ensures that correspondence is available for relevant staff to view if required within the business areas.

Pensions Filing - All scheme files are kept in this area and if staff require a file, they will send a request for the file to be delivered.  In addition, all correspondence is also filed by this team in date order, so that the full history of the scheme is maintained in one location. This team comprises of 17 team members and again they work Monday to Friday normal office hours.

Sales Printing - All branch produced quotations are sent via Sales Printing to a server and printed centrally.  The team then collate the relevant new business "packs" into the quotations and issue to the IFA or customer on a same day basis.  This team are the first point of contact from AEGON Scottish Equitable and the service is vital to securing the business for the company.  The team work from 10am to 6pm Monday to Friday and there are 7 team members. This work must be issued first class every day to provide the service that customers and IFA's require. All of these must be flexible with the business to ensure we are providing the best customer service possible.