Aegon has launched a new digital service which enables workplace members, particularly those without an adviser, to find and compare old pension pots.
The service enables members to retrieve and view details on their old pensions which are presented back as red, amber, or green.
It includes information relating to any valuable features that may be present and a bespoke charge comparison.
The member can then use this information to consider which pension might be worth transferring.
Pensions are only classified as green if they have no additional key or valuable features and where charges after transferring into their Aegon pension will be lower.
Pensions with guarantees, like defined benefit (DB) pensions, are classed as red.
Following a successful pilot, members have been offered the opportunity to go through a digital transfer process, rather than the previous paper-based process.
Aegon said this saves members’ time and money, with the average time to transfer just over two minutes.
The new service forms part of the new digital bulk transfer service borne from the original collaboration between Aegon and The Pension Lab.
Aegon has confirmed that The Pension Lab collaboration will now be extended to cover all Aegon Workplace platform products.
The find and compare old pots service will be rolled out to existing schemes later this year.
This means individuals don’t need to wait until Pension Dashboards are opened to the public, which is not expected before later in 2026.
Nick Roy, director, client & partnership development at Aegon, said: “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.
“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.”
Scott Phillips, CEO and founder of The Pension Lab, said: “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.”
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