Aegon launches free pension guidance service

The service is for customers who do not have a financial adviser and who want information about their Aegon products. It is open to customers at any life stage, but for those approaching retirement, the service is intended for people who have visited Pension Wise first.

Aegon’s research indicates just 14% of people are confident about planning their retirement goals and investing themselves. Similarly, just 20% are comfortable deciding how to access their pension independently. While 48% of people would like their pension company to be able to offer information and guidance, just 14% are not in favour.

To help, Aegon Assist will provide people with basic information regarding reviewing retirement options, considerations around consolidating pension pots, and the tax implications of accessing pension savings.

Mark Till, Managing Director at Aegon UK, said:

“Since the introduction of the pension freedoms hundreds of customers have told us they would like us to be able to explain, not just the options open to them, but the considerations they should have in mind when making a decision. Based on the customer’s products with us, Aegon Assist will point out the key issues customers should be thinking about. While the service will provide information, it will be down to customers to decide what action to take and the service will not offer the kind of personal recommendation given by financial advisers.

"The new retirement landscape is still taking shape and people are being asked to make decisions regarding options that didn’t exist just months ago. At the same time we’re in a situation whereby many people are unwilling to pay for financial advice. While we’ll continue to recommend seeking advice and signposting to Pension Wise, we see Aegon Assist as an important additional option for customers to get the information they need to make the right decision.”