Five thousand members of Thermo Fisher Scientific’s pension scheme have been transferred to the Aegon Master Trust, in a roll out that included the transfer of around £120m in existing pension assets.

Aegon was appointed by the scientific equipment provisioner as the new provider of its workplace pension scheme at the beginning of 2020, leading the scheme to be transferred into the Aegon Master Trust during the coronavirus pandemic.

Thermo Fisher Scientific employs more than 75,000 people globally with more than 6,000 located in the UK.

Aegon said the switch means Thermo Fisher Scientific will benefit from the governance structure of a master trust and the communications tools and support to improve member engagement.

Aegon managing director of workplace business, Linda Whorlow, commented: “Future proofing the scheme was a key objective for Thermo Fisher Scientific and it’s something that Aegon has worked hard to deliver over the years.”

She added that tools such as the member insights and video summaries provided by the master trust would “go a long way to achieving this”, adding that Aegon were “delighted that so many Thermo Fisher Scientific employees will be able to enjoy the benefits” provided by these tools.

Whorlow concluded: “The global pandemic certainly gave us a few challenges but with some creative thinking and flexible approaches to the support we provided we were able to deliver on what will hopefully be the start of a long and solid partnership.

“The transfer also takes us another step closer to passing a significant milestone in 2021 of towards £3bn of assets administered in the Aegon Master Trust, reflecting strong momentum in Aegon new master trust business wins this year.”

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