“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,” the firm said.
It said it was keen to achieve a safe and satisfactory outcome for its clients using PensionBee and would recommence the electronic transfer process once formal assurance has been received.
Asked what took it so long to engage in solving the problem, the provider said the situation had put it in a difficult position as it was keen to keep details of its due diligence process under wraps.
It said: “We’re unable to share the specific details of our due diligence processes as they are intentionally confidential to protect customer’s interests. Providing details would potentially undermine the integrity of the process.”
Romi Savova, chief executive officer of PensionBee responded to the statement saying: "We place customers at the forefront of everything we do and are delighted that Aegon has finally chosen to listen to the voices of c.900 impacted consumers.
“As per available public information on PensionBee, we can (and hereby) formally confirm that we capture clear authority from clients to carry out the transfer and that we have policies in place to 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.
“We trust Aegon's direct-to-customer business, Retiready, has the same policies in place. We look forward to an immediate resumption of electronic transfers."
carmen.reichman@ft.com
