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Aegon launches post-Pension Wise guidance offering

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Aegon has launched a new guidance offering designed for customers who have already used the Government’s Pension Wise service.

Aegon Assist, which is being trialled with a team of three staff, is targeted at customers who don’t have a financial adviser, and want more information about Aegon products.

The service is open to customers at any life stage, but primarily intended for those who have used the Government service already.

Research by the insurer found only 14 per cent of people are confident about planning their retirement, while just 20 per cent are comfortable deciding how to access their pension.

The launch comes after providers warned a lack of clarity around the boundaries between advice and guidance was hampering innovation.

Aegon UK managing director Mark Till says: “The new retirement landscape is still taking shape and people are being asked to make decisions regarding options that didn’t exist just months ago.

“At the same time we’re in a situation whereby many people are unwilling to pay for financial advice. While we’ll continue to recommend seeking advice and signposting to Pension Wise, we see Aegon Assist as an important additional option for customers to get the information they need to make the right decision.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Wow, 3 staff – they are really investing in this initiative. I bet the PensionWise tea trolley has more staffing that that !

  2. This comes as no surprise to me. When ‘Guidance’ was first announced I thought it would be natural for firms to provide an alternative. In fact I am surprised no one has done this sooner.

    In my very simple world, many people want to put their toe in the water without any commitment, and that is what the first step guidance should provide.

    However when people want to make the next step they don’t want to be thrown over the wall to somebody they don’t know.

    The challenge for anyone offering a ‘guidance plus’ service is how to move clients along the decision making / advice process within the side the same firm and ideally with the same consultants.

  3. The problem is Billy that several of the firms like AEGON are using a consumer phoning them up to ask an admin question (to save us time) which is not advice….. as an excuse to remove us as agents on plans. Sometimes the first we know about it is when they come in for a regular review meeting and we can’t get the information on the plan we need and the provider insist on a fresh authority despite the fact the consumer never proactively asked for our removal!
    When we question it, they never actually give any rebate of the ongoing charges due to the reduced ongoing commission on historical plans to the consumer and they invariably cannot point to any signed authority from the consumer removing us as agent which is quite laughable when they can be so awkward about ADDING a consumer to an adviser.

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