Aegon has launched Family Price Match, a new initiative for workplace pension members, allowing them to share their scheme’s pricing benefits with up to five family members.
Members will receive a special code via the Aegon UK app, which their loved ones can use to register an Aegon Stocks & Shares ISA. This could lower investing costs by guaranteeing they receive the same service fee as an active workplace pension saver.
The initiative promises substantial long-term savings. The savings will depend on the difference between the charge under Family price match compared to what they might be charged for stocks and shares ISA elsewhere. A £20,000 ISA investment might be worth an additional £294 after five years or £720 after ten if the fee is reduced by 25 basis points. The additional value might rise to £591 after five years or £1,455 after ten if the charge is reduced by fifty basis points.
According to Aegon, it is offering members a cost-effective investing option by launching Family Price Match, which enables them to assist their loved ones in increasing their savings.
Aegon commercial director, workplace Nick Roy says: “Aegon’s Family price match is an offering to our members and their loved ones, making saving more cost-effective.
“This means five family or friends can enjoy the same service charge, when they purchase a stocks and shares ISA, that is available to members of an Aegon workplace pension scheme.
“This initiative exemplifies the great power of Workplace pensions to offer competitive charges and aims to extend these benefits on a wider scale. We are focused on enhancing pension scheme members savings and retirement outcomes in our proposition. Family price match is another step forward in that journey.”
