How to transfer your pension out of Aegon

Transferring your pension can be a smart move. Whether you're changing jobs, seeking better investment options, or simply wanting to consolidate multiple pensions, understanding the process is key. Here, we’ll walk you through the steps of transferring your pension out of Aegon.

What is a Pension Transfer?

A pension transfer is when you move your pension funds from one provider to another. It's a straightforward process, but there are some important points to consider.

When you transfer, your existing investments are sold, and the proceeds are turned into cash. This cash is then transferred to your new pension provider and reinvested according to your new plan. Thankfully, most pension providers manage this process for you.

Reasons to Transfer Your Pension

You might consider transferring your pension if:

• You’re changing job.

• Your current pension scheme is closing.

• You want a better pension scheme with different investment options or lower fees.

• You want to consolidate multiple pensions into one pension account.

Steps to Transfer Your Pension from Aegon

Aegon is one of the world's largest investment companies, managing billions for clients around the world. In the UK, Aegon is also a large workplace pension provider, usually serving larger enterprises. Transferring your pension from them to another provider typically involves these steps:

1. Set Up a New Pension Account
   First, choose your new pension provider. If you haven’t done so, set up a personal pension account. Penny is a great option for consolidating your pensions, but there are others that exist also.

   
   

2. Initiate a Transfer Request
   Ask your new provider to start the transfer process. You’ll need to provide some information about your Aegon pension such as your name and policy number. If you're using Penny, we'll gather this information for you.
   For other providers you'll need to provide your policy number. You can find your Policy Number in a few ways:

   • If you've registered online with Aegon, you can login and view your Policy Number there: https://www.aegon.co.uk/customer/login
     To make things a little more complex, Aegon have several different online account types so you'll need to find out which one to use by checking paperwork, asking your employer, or calling their Customer Service line.

   • If you have old paperwork from Aegon, your policy number will usually be in the right hand column of the cover page.

   • You can call Aegon customer service team on 0345 604 4001, tell them your name and NI number, and ask for your Policy Number.

     
     

3. Process the Request
   Your new provider then requests the transfer from Aegon. All of Aegon's schemes use the electronic transfer service, Origo, which tends to make the transfer process simpler and quicker. Aegon will receive your pension transfer request via Origo and their transfer team will process it, usually within 4-6 weeks.
   Note: Aegon may require you to complete a Paper Transfer Form in addition to these steps. Some providers require this to validate a transfer request. This does not affect all transfers.

   
   

4. Transfer of Funds
   Aegon will transfer the funds to your new pension account. Your new provider will notify you when the transfer is complete. With Penny, you can track the progress in our app and receive automatic updates throughout the process.

   
   

5. Completion
   Once the transfer is complete, your funds will be in your new personal pension account, and your Aegon pension pot will be closed.

How Penny can help

At Penny, we handle all the hard work. We simplify the entire process, making it fast and digital—no paperwork! Plus, we can transfer all your pensions completely free, regardless of how many you have or their size.

Things to Consider

Before transferring, compare the fees, benefits, and investment options of the new provider. Keep in mind that with pensions, your capital is at risk, and it's important to ensure the investments and features available are suitable for you.

For free, impartial information about transferring your pension, visit MoneyHelper. You can also seek advice from an independent financial adviser, though be aware that there may be a cost for their services.

Transferring your pension can lead to better management and potentially better growth of your retirement savings. With Penny, we make the process as smooth and straightforward as possible.

Ready to get started? Download the Penny app and take control of your pension today.