Pensions - Articles - Aegon launches guidance service for customers seeking help


Research from Aegon indicates that almost half of the population would like to be able to turn to their pension company for guidance about products. To meet the strong customer demand Aegon has today launched a free information and guidance service, Aegon Assist.

 • Aegon Assist is designed to help customers who want further information after visiting Pension Wise
 • 48% of people would like guidance from their pension company
 • Customers seeking a personal recommendation will be asked to seek advice
  
 The service is for customers who do not have a financial adviser and who want information about their Aegon products and will be trialled with a team of three staff. 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.
  
 As the government and FCA’s Financial Advice Market Review recognises, people are being presented with a wide range of options regarding retirement planning. However, an ‘advice gap’ exists and the service is aimed at customers without an adviser who have simple information needs and who are often reluctant or unable to pay for advice.
  
 Despite low levels of financial knowledge, 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, with the remainder unsure. This supports the need for an extension to the sources of financial guidance that supplement rather than replace anything already available.
  
 To help, Aegon Assist will provide people with basic information regarding the following but it will ultimately be the customer’s decision as to how they should proceed and anyone who wants a personal recommendation will be asked to seek advice:
 • Reviewing retirement options
 • Considerations around consolidating pension pots
 • Tax implications of accessing pension savings
 • Retirement income including guarantees is required
  
 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.”
  

Back to Index


Similar News to this Story

Wish list for the occupational pensions industry in 2025
As one year closes and another begins, it's an opportune moment to set our sights on the future. The UK occupational pensions industry faces nume
PSIG announces outcome of Consultation
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today announced the feedbac
Transfer values fell to a 12 month low during November
XPS Group’s Transfer Value Index reached a 12-month low, dropping to £151,000 during November 2024 before then recovering to its previous month-end po

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.