BP has appointed Aegon to provide its defined contribution (DC)†pension plan through a contract-based group personal pension (GPP) arrangement.
Following the closure of BP’s final salary pension scheme for new UK employees joining the company after April next year, Aegon will provide a DC pension plan to new UK workers. The oil company employs over 90,000 staff worldwide including around 16,000 in the UK.
Employees will be given a range of investment options to choose from, but only blended passive funds will be offered.
Feilim Mackle, executive director, life and pensions operations at Aegon, said: “The new DC scheme has been designed to ensure BP’s benefits package continues to meet both employee and business needs. We are looking forward to partnering BP as it moves forward with this.”