“Whilst they support the FCA starting position that it is in the best interest of most clients to retain DB benefits, there are individual circumstances that make transferring the right option for some and the service helps advisers and their clients to explore their options.”
Education, guidance and advice
Taylor acknowledged that savers need different types of support when it comes to retirement decisions, whether this be through education, guidance or advice.
“We need to be able to help people with basic financial information that helps them understand the foundations of pensions and investments,” Taylor said.
“This is notoriously tricky to do in an engaging way but our recent acquisition of Pension Geeks, who have done some groundbreaking work on getting people excited about this stuff, is really going to bolster our capability here.”
For those who are not willing to pay for advice, Aegon encourages them to use Pension Wise or its in-house guidance offer, Aegon Assist.
But Taylor admitted that advice would give the best outcome.
He said: “For those who accumulated some wealth and need to make sense of their options, financial advice is always going to deliver the best outcomes and we see our role primarily as championing the value of advice to ensure these customers get the support they need.”
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