AEGON has collaborated with The Pension Lab to enable workplace members, especially those without an adviser, to find and compare old pension pots.
This forms part of the digital bulk transfer service from the original agreement between Aegon and The Pension Lab.
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The extended development enables members to retrieve and view details on their old pensions which are presented back as red, amber, or green (RAG).
Following a successful pilot, members have been offered the opportunity to go through a digital transfer process, rather than the previous paper-based process. This saves members’ time and money with the average time to transfer just over two minutes. So far over 25% of members who have gone through the bulk transfer process have gone on to explore adding further pensions via The Pension Lab tool.
Nick Roy, director, client & 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.
“We are excited to be working with a business that excels in cutting-edge innovation. It is a great fit to complement Aegon’s commitment to enhancing our members’ experience.
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By GlobalData“Aegon’s Workplace platform offers retirement solutions for employers and already occupies a top three market position in terms of winning new business – the speed, sense and ease of The Pension Lab service makes our proposition even more attractive.
“Aegon is focused on making pension savers experience easier and better. We are rolling out digitalisation and automation, and this partnership enhances our retirement proposition by further personalising the member experience.”
Scott Phillips, CEO and founder of The Pension Lab, added: “Through our collaboration with Aegon, we’ve delivered another industry first with the provision of a fully digital non-advised pension transfer solution, which includes pension finding, detailed feature checking, and a bespoke charge comparison.
“By integrating our unique technology, Aegon continues to deliver a seamless, fully digital experience that empowers members to engage with all their pensions and make informed decisions while encouraging professional advice where needed most.
“Our collaboration is a testament to our shared vision that, with the right technology, we can build a better financial future for individuals.”
