In control of your retirement savings11 February 2015
Your current Aegon pension will be transferred to a new Retiready pension soon. Once this has happened and you activate your online account you'll be able to start using this great online service - read on to find out more...
Frequently asked questions
We believe that by transferring our existing customers to our digital service Retiready will give you a better experience of managing your retirement savings. You'll have complete control when it's convenient for you and it will also make it easier for us to support you.
How will the EU referendum result impact the planned pension transfer?(Expand content) (Minimise content)
The actual transfer of your Aegon pension to a Retiready pension won't be effected by the results of the EU referendum. Retiready is a modern pension giving you a simple way to view your savings and investments online.
However, if you have a defined contribution or personal pension, you may have seen an impact on your pension value since the announcement of the results, depending on the assets you're invested in. This has been caused by the recent market volatility and would have happened regardless of whether you were invested in an Aegon or Retiready pension.
The UK government will now enter a period of lengthy negotiations around the terms of our EU exit, which are expected to last at least two years. For more information about the impact of the EU referendum results please read our article and FAQ's.(Opens new window)(Opens new window)
- You'll pay lower charges with a Retiready pension:
- Our Retiready charges are clear and simple.
- There's no set up or transfer fee.
- A monthly service charge covers the cost of using Retiready.
- The investment charge for the Retiready version of your current fund depends on the fund you’re invested in.
- You can find full details of the charges that apply to you in your Confirmation of Transfer document and the Contract note that we’ll send to you when your transfer is complete.
- You can instantly see the value of your Retiready savings - we update the value on a daily basis.
- You can set goals and track the progress of your retirement savings.
- You can access all your personalised documents and any statements in your online document library.
- You can even add the value of retirement savings held elsewhere to give you a complete picture of how on track you are for retirement.
Yes. Once you've activated your new Retiready account, you can start making regular or lump sum contributions to your Retiready pension. It's easy. When you log in, simply follow the steps on the savings page, register your bank details when prompted, and set up your preferred payments.
Payments to Retiready can only be personal payments, we're not able to accept third party/employer contributions.
If you set up and start paying regular or one-off contributions to your Retiready pension, you won’t be able to ask us to move your pension funds back to your Aegon pension. Paying regular or one-off contributions to your Retiready pension demonstrates that you're happy with the transfer to Retiready. Please see our returns policy for more information.
Yes, this could save you on paperwork and cut down on multiple charges. We accept transfers from the following types of pensions:
1. Personal Pension (Group, individual and self-invested)
2. Stakeholder (Group and individual)
3. Money purchase occupational pension scheme (unless it provides you with fixed or guaranteed benefits)
Once you have transferred other retirement savings you may have to your Retiready pension, you won’t be able to ask us to move your pension funds back to your Aegon pension. Paying a transfer to your Retiready pension demonstrates that you are happy with the original transfer to Retiready.
Please note Retiready can't accept transfers from defined benefit pension schemes (often called 'final salary' pension schemes)
Yes. If you don't want your Aegon pension to be transferred to a Retiready pension, please let us know before the date quoted in the letter we sent you. Your pension plan will continue as is - but you won't benefit from the new experience the Retiready service offers.
As well as being able to opt out of the transfer, we also have a customer returns policy in place. This means that after we transfer your existing Aegon pension to your new Retiready pension, you can ask us to move your pension back, unless you've paid money in, taken money out, switched funds or opened a Retiready ISA. Any of these actions demonstrate that you are happy with the transfer to Retiready. Please see our returns policy below for more information.
Stakeholder charges adhere to strict Government criteria, which means:
Your total charges mustn't exceed:
- for stakeholder pensions taken out before 6 April 2005, 1% pa
- for stakeholder pensions taken out on or after 6 April 2005, 1.5% pa for the first ten years, then 1% pa thereafter
Additional charges may be made even where it takes the charge above the cap, for example:
- dealing charges, including stamp duty, incurred directly (or indirectly via collective investment schemes) in dealing in securities or property (note that the purchase and sale price of units must not differ, i.e. bid/offer spreads are banned);
- costs incurred in buying an annuity;
- costs incurred in administering a drawdown arrangement;
- costs in respect of pensions earmarking orders and pension sharing costs;
- costs incurred in complying with a court order;
- charges associated with property holdings; and
- dilution levies and market value adjustments.
Look out for your welcome letter that includes your unique customer ID. You'll need this to activate your new Retiready account(Opens new window)(Opens new window) and start enjoying all the benefits of Retiready. In the meantime if you have any queries, please get in touch(Opens new window)(Opens new window) or tweet us @AegonUKCares(Opens new window)(Opens new window)(Opens new window)(Opens new window)