I’m in an Aegon retirement fund, what should I do now?
If you were in your scheme’s default fund or any other type of lifestyle fund you'll automatically be transferred into an Aegon retirement fund when you reach your selected retirement date. You'll stay in this fund until you tell us how you want to take your benefits.
You'll know you’re in an Aegon retirement fund because it will have ‘Retirement’ or 'RET' in the fund name. Many of our retirement funds are designed to be a temporary holding place for your savings until you decide what to do with them, in particular where the retirement fund is targeting an annuity or cash. This means they may not be suitable for long-term investing.
The exception to this is retirement funds with a flexible or drawdown outcome, which aim to provide continued growth above inflation (although this isn’t guaranteed) while you decide how to take your pension benefits.
Whichever retirement fund you’re in, your savings could fall in value, either because of changes in markets or because the cost of living is increasing faster than your fund is growing. If you’re taking an income from your retirement fund, this will increase the chances of running out of money in retirement.
If you’re in a retirement fund and you’re not sure what to do, you can find out what your retirement options are at Retirement Planner tool(Opens new window)(Opens new window)(Opens new window)(Opens new window)(Opens new window)(Opens new window). You may also want to take advice from an authorised financial adviser. If you don’t already have one, you can find one near you at unbiased.co.uk(Opens new window)(Opens new window)(Opens new window)(Opens new window)(Opens new window)(Opens new window).
Or you can phone us using the phone numbers below, although we can’t give you advice (call charges will vary):
Aegon Retirement Choices (ARC), Workplace ARC or Aegon One Retirement (AOR) customers
Phone us on 0345 608 1680 and select:
- Option 1 for ARC
- Option 2 for AOR
- Option 3 for Workplace ARC
Phone us on 0345 610 0072 and select option 1
Aegon and Scottish Equitable pension planholders (plans numbers are usually 6 or 7 digits long and may be prefixed with ‘UP’)
Phone us on 0345 610 0010
The value of investments can fall as well as rise meaning the final value of your pension plan may be less than the amount invested.
Your choice of investment fund can have a big effect on your pension benefits. If you're in any doubt about which fund's right for you, you should speak to a professional financial adviser. If you don't already have one, you can find one near you at unbiased.co.uk(Opens new window).