Statement regarding PensionBee complaint


PensionBee have recently run a campaign accusing Aegon of delaying pension transfers to their business. In the statement below, Aegon sets out why these transfers have been subject to enhanced due diligence checks and its request to PensionBee’s directors.

Aegon statement

“Pensions typically represent a large portion of people’s life savings and ensuring the security and safety of our customers’ benefits is our primary concern.  

“Aegon completes the vast majority of pension transfers electronically within an average of 10-12 days to the satisfaction of many thousands of our customers.  The electronic transfer process was initially available to PensionBee, but was withdrawn because of potential issues identified by our due diligence process.

“In such circumstances we put in place additional checks to ensure the customer is fully aware of what is happening. These measures are particularly important where customers are not receiving a personal recommendation from an adviser. Due diligence processes look at a number of aspects including for example, the nature and set up of the receiving scheme, and clear evidence the customer knows what they are undertaking including the loss of potentially valuable product features. 

“We view PensionBee’s public campaign as entirely inaccurate and misleading to customers.

“However, to seek a safe and satisfactory outcome for those individuals using PensionBee, we have written to the directors of the company asking them to provide us with assurances on the transfer process. We are seeking assurances from PensionBee that they always capture clear authority from clients to carry out the transfer, and that they provide appropriate warnings and information to customers to ensure they understand any features within their current policy which will not be replicated within the PensionBee pension.

“Our approach has been and continues to be designed to protect customers’ interests and if PensionBee’s directors are happy to provide formal assurances, then we will recommence the electronic transfer process.”