AEGON has collaborated with The Pension Lab to allow office members, particularly these with out an adviser, to search out and evaluate previous pension pots.
This varieties a part of the digital bulk switch service from the unique settlement between Aegon and The Pension Lab.
The prolonged growth permits members to retrieve and examine particulars on their previous pensions that are introduced again as pink, amber, or inexperienced (RAG).
Following a profitable pilot, members have been provided the chance to undergo a digital switch course of, reasonably than the earlier paper-based course of. This protects members’ money and time with the common time to switch simply over two minutes. To date over 25% of members who’ve gone by the majority switch course of have gone on to discover including additional pensions through The Pension Lab instrument.
Nick Roy, director, consumer & partnership growth at Aegon, stated: “The Pension Lab collaboration is a good growth for Aegon – it offers our members, at no further value, the chance to search out and add previous pension pots the place it’s protected and is sensible to take action.
“We’re excited to be working with a enterprise that excels in cutting-edge innovation. It’s a nice match to enrich Aegon’s dedication to enhancing our members’ expertise.
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“Aegon’s Office platform affords retirement options for employers and already occupies a high three market place when it comes to successful new enterprise – the velocity, sense and ease of The Pension Lab service makes our proposition much more enticing.
“Aegon is concentrated on making pension savers expertise simpler and higher. We’re rolling out digitalisation and automation, and this partnership enhances our retirement proposition by additional personalising the member expertise.”
Scott Phillips, CEO and founding father of The Pension Lab, added: “By our collaboration with Aegon, we’ve delivered one other business first with the availability of a totally digital non-advised pension switch resolution, which incorporates pension discovering, detailed characteristic checking, and a bespoke cost comparability.
“By integrating our distinctive expertise, Aegon continues to ship a seamless, totally digital expertise that empowers members to have interaction with all their pensions and make knowledgeable choices whereas encouraging skilled recommendation the place wanted most.
“Our collaboration is a testomony to our shared imaginative and prescient that, with the best expertise, we will construct a greater monetary future for people.”
