Pooled retirement plans offered by Aegon’s US business, Transamerica, are expanding people’s access to workplace retirement plans, according to a new survey.
Almost half (47%) of the more than 400 employers surveyed said that by taking part in one of Transamerica’s pooled plans they were able to offer a retirement plan to their employees for the first time. This aligns with Aegon’s purpose of helping as many people as possible live their best lives in retirement.
Many survey respondents were small- to mid-sized organizations (SMEs) and startups that were not previously able to offer retirement plans to their employees due to the cost, and administrative and fiduciary burdens. However, Transamerica’s pooled plans enabled them to share those burdens and so make retirement plans available to their employees.
Darren Zino, head of retirement distribution at Transamerica, said: “Our survey provides empirical data that pooled plans are expanding access to programs that help everyday Americans save for a secure retirement.”
You can find out more about the results of the survey here.