Aegon Master Trust will now offer a pension tracing and consolidation service, allowing members to locate and move older workplace pensions.
This will be offered in partnership with The Pensions Lab, with the service offered through Ageon’s member insight platform.
Aegon says its new integration with The Pensions Lab aims to offer a more connected and efficient consolidation experience, for both members and employers.
Pensions Lab already offers a location and comparison service to Aegon members, which allows them to find older pensions and compare them to their current workplace arrangement, using a simple ‘traffic light’ dashboard. The new service will now allow people to move older pensions into current arrangements where appropriate.
There will be no additional employer or employee cost for this consolidation service.
This comes as there is a move within the industry to encourage greater consolidation, with multi-employer schemes targeted to reach a minimum £30bn size by 2030, and new legislation looking to automatically consolidate smaller pension pots.
Aegon head of master trust Antonia Balaam says: ““At our employer events, the most frequent question we hear from members is ‘how do I consolidate my pensions?’ That’s why we’re focused on making the process as straightforward as possible.
“Member Insights has proven to be a valuable tool for employers running engagement campaigns, and our collaboration with The Pension Lab now gives savers including Master Trust members the ability to trace and consolidate old pensions where it’s safe and beneficial to do so.
“By combining Member Insights with The Pension Lab’s trace & compare feature, we’re giving members greater control over their long-term financial wellbeing.
“For employers, this means they can proactively support their workforce with one of their most common financial concerns. It’s a smarter, more transparent way to manage workplace pensions.”
