Pensions  

Aegon pledges guidance service will not advise

Aegon pledges guidance service will not advise

Aegon has launched an information and guidance service to help clients who do not have an adviser and want assistance with Aegon products.

Aegon Assist is available for clients at any life stage.

For those approaching retirement, the service is intended for those who have first gone to Pension Wise.

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Mark Till, managing director at Aegon UK, said: “Since the introduction of the pension freedoms hundreds of customers have told us they would like us to be able to explain, not just the options open to them, but the considerations they should have in mind when making a decision.

“Based on the customer’s products with us, Aegon Assist will point out the key issues customers should be thinking about.”

The new service comes on the back of research by Aegon, which revealed almost half of the population would like to be able to turn to their pension company for guidance about products.

Mr Till said it will be client’s discretion to decide what action to take and the service will not offer the kind of personal recommendation given by financial advisers.

Those seeking a personal recommendation will be asked to seek advice, he added.

This means reviewing retirement options; considerations around consolidating pension pots; tax implications of accessing pension savings and retirement income including guarantees.

Mr Till said: “The new retirement landscape is still taking shape and people are being asked to make decisions regarding options that didn’t exist just months ago. At the same time we are in a situation whereby many people are unwilling to pay for financial advice.

“While we’ll continue to recommend seeking advice and signposting to Pension Wise, we see Aegon Assist as an important additional option for customers to get the information they need to make the right decision.”