Aegon has launched a pension transfer comparison scheme.
The new ‘red, amber, green’ service forms part of the new digital bulk transfer service from a collaboration between Aegon and The Pension Lab, allowing members to retrieve and view details of their old pensions. Members can access information which is rated as red, amber or green and use this information to consider which pension might be worth transferring.
Aegon said pensions are only classified as green if they have no additional key or valuable features and where charges after transferring into their Aegon pension will be lower. Pensions with guarantees like defined benefit pensions are classed as red.
Following a successful pilot, members have been offered the opportunity to go through a digital transfer process, rather than the previous paper-based process, saving members time and money with the average time to transfer just over two minutes, Aegon said.
Aegon plans to extend proposition to all of its Workplace platform products later this year, ahead of the launch of Pension Dashboards in 2026.
Nick Roy, director, client and partnership development at Aegon, said: “The Pension Lab collaboration is a great development for Aegon, it gives our members, at no additional cost, the opportunity to find and add old pension pots where it’s safe and makes sense to do so. It is a great fit to complement Aegon’s commitment to enhancing our members’ experience.”
