- Cash ringfencing introduced for switch journeys ensures timely retirement income.
- Additionally, Aegon have implemented a pension income reliability feature, designed to eliminate unnecessary delays with drawdown income.
- These enhancements support the Consumer Duty ‘avoiding foreseeable harm’ principle, more effectively securing clients' regular income.
Aegon, one of the UK’s largest pension and investment providers, is pleased to announce the enhancement of its service offerings through the introduction of cash ringfencing during the switch journey. This new feature is available via the Aegon Retirement Choices (ARC) and One Retirement platforms. Designed to simplify and optimise the process of withdrawing funds, this advancement ensures greater ease and consistency in transactions for both advisers and their clients.
The introduction of cash ringfencing supports the Consumer Duty’s ‘foreseeable harm’ principle, underscoring Aegon’s commitment to delivering secure and reliable solutions for advisers and their clients. This feature allows users to efficiently allocate cash from the proceeds of a sale to fund:
- SIPP tax-free cash
- Regular income from SIPP drawdown, GIA or ISA
- Platform, advice and DFM fees
Additionally, to further support the prevention of foreseeable harm, Aegon has introduced a pension income reliability feature. This update ensures that clients will receive their regular drawdown income as expected, even if sell transactions have not yet settled.
Stephen Crosbie, Managing Director – Adviser Platform at Aegon, comments:
"Following our Strategy Teach-In in June 2024, we remain committed to enhancing the core functionality of our platform and delivering an exceptional experience.
“We understand the importance of receiving payments on time. That’s why we’ve developed these improved measures to protect payments of regular income and drawdown, which ultimately help avoid foreseeable harm. By removing barriers, we are facilitating a smoother interaction with our platform and helping advisers to provide optimal service to their clients.
“These enhancements are just the beginning. We're dedicated to excellence and are working hard to ensure our platform works hand in hand with the needs of advisers. Watch out for more updates, there's plenty ahead as we continue on our transformation journey."
For further details about Aegon's newly introduced features and how they can benefit advisers, click here.
About Aegon
In the UK, Aegon offers pension and investment solutions to over 3.5 million customers, supported by over 3,000 employees. Figures are correct as of 31/12/2024. Learn more at aegon.co.uk/about-us
Aegon UK is part of the wider Aegon Group, an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection and retirement solutions. Aegon’s portfolio of businesses includes fully-owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market-leading Dutch insurance and pensions company.
Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com/about
The information in this press release is intended solely for journalists and shouldn’t be relied upon by any other persons to make financial decisions.