PensionBee outs Aegon for 'arduous' pension transfer approach

56 complaints to Ombudsman

Hannah Godfrey
clock • 2 min read

An open letter from PensionBee chief executive officer Romi Savova to Aegon UK CEO Adrian Grace has claimed it takes Aegon more than four times longer to make a pension transfer than its main competitors.

The letter, published online on 27 January, said it typically takes Aegon 54 days to complete a pension transfer and this is causing detriment to customers by putting barriers in place to switching. "Aegon's arduous transfer approach for our mutual customers is out of line with that of its peers, who enable customers to switch their pensions quickly and safely to their chosen provider," said Savova. She argued Aegon's rival, such as Aviva, Legal & General, Prudential, Scottish Widows and Standard Life typically transfer electronically in 12 days or less. Since 8 June 2017, Savova c...

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