Aegon has collaborated with The Pension Lab to launch a traffic light-style red, amber, green ratings service for pension transfers.
The collaboration forms part of the new digital bulk transfer service borne from the original collaboration between two firms. The aim is to smoothly transfer members to Aegon within minutes and without paper.
The service enables workplace scheme members, particularly those without an adviser, to find and compare old pension pots. Members are able to retrieve details on their old pensions, which are presented back as rated red, amber, or green.
The ratings draw on information relating to any valuable features that may be present and a bespoke charge comparison.
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Pensions are classified as green if they have no additional key or valuable features and where charges after transferring into their Aegon pension will be lower. Schemes with guarantees, such as defined benefit pensions, are classed as red.
Aegon said the collaboration will now be extended to cover all Aegon workplace platform products. The find and compare old pots service will be rolled out to existing schemes later this year.
This means individuals do not need to wait until pension dashboards are opened to the public 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.
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“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.”
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.”
