Aegon has launched a ‘Red Amber Green’ pension transfer comparison service, expanding its partnership with The Pension Lab.
The tool, part of a larger digital bulk transfer service, enables workplace members, particularly those without advisers, to find and compare old pension pots. Members can access pension information classified as red, amber, or green (RAG) based on characteristics and prices. The service contains a price comparison tool that highlights features to assist users in making transfer decisions and allows for paperless transfers that take around two minutes.
According to Aegon, following a pilot, more than 25 per cent of members who have used the bulk transfer service have looked into adding more pension pots through The Pension Lab.
Aegon says it aims to extend this service to all Workplace platform products before the launch of Pension Dashboards in 2026.
Aegon client & partnership development director Nick Roy says: “The Pension Lab collaboration is a great development for Aegon – it gives our members, at no additional cost, the opportunity to find and add old pension pots where it’s safe and makes sense to do so.
“We are excited to be working with a business that excels in cutting-edge innovation. It is a great fit to complement Aegon’s commitment to enhancing our members’ experience.
“Aegon’s Workplace platform offers retirement solutions for employers and already occupies a top three market position in terms of winning new business – the speed, sense and ease of The Pension Lab service makes our proposition even more attractive.
“Aegon is focused on making pension savers’ experience easier and better. We are rolling out digitalisation and automation, and this partnership enhances our retirement proposition by further personalising the member experience.”
The Pension Lab CEO and founder Scott Phillips says: “Through our collaboration with Aegon, we’ve delivered another industry first with the provision of a fully digital non-advised pension transfer solution, which includes pension finding, detailed feature checking, and a bespoke charge comparison.
“By integrating our unique technology, Aegon continues to deliver a seamless, fully digital experience that empowers members to engage with all their pensions and make informed decisions while encouraging professional advice where needed most.
“Our collaboration is a testament to our shared vision that, with the right technology, we can build a better financial future for individuals.”