Frequently asked questions

Getting started

Who is Pension Lab?

Pension Lab is an organisation that supports people to take control of their pension savings by helping find and collate pension information in an easy-to-use online solution. Aegon has partnered with Pension Lab to allow you to access and use this service. Pension Lab are providing a service that allows you to add your other pensions to your Pension Transfer Portal and then supports you by gathering information about the policies to help you decide if you would like to transfer them.

What do I need to use this service?

You’ll need to provide some basic personal information and, if you have it, information about any other pensions you have. If you can’t locate your pension information, you’ll still be able to use the service to help you find them.

How do Pension Lab gather information about my pensions?

Pension Lab use a letter of authority to collect information from your pension providers.

A letter of authority means you’re giving Pension Lab permission to contact your previous provider or employer to obtain information about your pension with them.

How do Aegon and Pension Lab hold my data?

Aegon needs to share data with Pension Lab to build your unique Pension Transfer Portal and is only sharing the minimum data necessary to allow Pension Lab to provide this service. Aegon will only share this data with Pension Lab – who store it securely.

Pension Lab don’t share any data with Aegon about your pensions with other providers or employers unless you choose to transfer pension(s) to Aegon.

You can read Pension Lab’s Terms and Conditions and Privacy Policy.

Do I have to use this service?

No, this service is being offered at no cost to you, with no commitment or obligation to use it.

Can I close my Pension Lab account?

You can close your Pension Lab account whenever you want. On closing your Pension Lab account, Pension Lab will delete all the data they hold about you. You’ll no longer be able to use the service for any transfers or consolidation of your pension pots.

You can request to close your account at any time by emailing aegon@thepensionlab.co.uk

Combining pensions

What does it mean to combine pensions?

Combining your pensions means transferring all your pension savings into one pot. This is sometimes called pension consolidation. If you have had more than one job during your working life, it’s likely that you may have paid into more than one pension scheme. If you have savings in different schemes, it may be worth thinking about combining them.

Transferring or consolidating a pension may not be the best option for you. You may lose features, protections, guarantees or other benefits. It’s up to you to decide if this is the right decision for you. If you’re not sure, speak to a financial adviser - there may be a charge for this.

Why should I transfer?

It can be difficult to understand the full picture of your retirement savings if you have pensions with multiple providers or employers. Some people might prefer to have all their pension savings with one provider.

It’s up to you to decide if this is the right decision for you. If you’re not sure, speak to a financial adviser - there may be a charge for this.

Making the decision to transfer

What should I think about when making the decision to transfer?

If you’re considering transferring to Aegon, you’ll be required to read Aegon’s list of Important things to consider, which provides information on potential risks and benefits so you can decide if a transfer is right for you.

Aegon and Pension Lab don’t provide financial advice and recommend you talk to a financial adviser if you have one. There may be a charge for this. If you don’t have a financial adviser, MoneyHelper can help you find the right one for you.

What are the transfer checks?

Pension Lab offer a non-advised service, which means that they provide information to help you decide.

For individual transfers the way they do this is by completing transfer checks on your behalf. You can select whether you would like these checks to be completed as part of the transfer process or before you decide to transfer.

The checks use a traffic light system, which is defined as follows:

• Green - There are no special features or benefits within that pension that you should consider and the charge with Aegon is lower.
• Amber - There are features that you should consider before transferring such as an exit charge or the charges with Aegon are higher than your existing pension.
• Red – The pension has features, protection, safeguarded or guaranteed benefits, which can’t be transferred through the Pension Transfer Portal.

If you’ve consented to the transfer and the pension falls into the Green category, the request will be sent to Aegon to process. You do have the option to agree to transfer and get the check completed as part of the transfer process or ask Pension Lab to do the checks and contact you when that process is complete. They’ll ask you to log back in to your account to review and consent, should you want to.

If the pension is Amber, you will need to log back in to the Pension Transfer Portal and actively approve the transfer. You should consider getting guidance or advice.

If the pension is Red, you won’t be able to complete the transfer.

For bulk transfer, these transfer checks have already been conducted by Aegon and ready to transfer.

How long will it take?

The letter of authority process, which is required to complete the transfer checks, can typically take between one to three weeks. This is because there’s a large variance in response times from pension providers.

Once the checks are complete and a transfer request is sent to Aegon, the expected timescale could be a further one to two weeks to complete the transaction. A number of providers still use a paper-based transfer process, and you may need to complete additional paperwork. In this case the process may take longer.

Are there restrictions on what can be transferred to Aegon?

Aegon can’t currently accept certain transfers which include:

• any pension savings with guarantees attached - you may see reference to a guaranteed annuity rate (GAR) or guaranteed with-profit investment returns in your scheme documents, letters from your provider or annual statement(s)
• any transfer from a defined benefit scheme (may also be called a final salary or career average scheme). This is an employer’s scheme where the benefits are based on length of service and salary.

Aegon don’t accept transfers of these types of benefits as they can be much more complex, and you would lose a benefit that could be valuable to you.

Change to minimum pension age

In most circumstances, you can currently access your pension benefits from age 55. However, the Government is increasing the minimum pension age you can access your pension benefits to age 57 from 6 April 2028.

Unqualified right

You may still be able to take some of your pension benefits from age 55 after the minimum pension age changes. You'll be able to do this if:

• you joined your previous pension scheme before 4 November 2021 and
• the rules for your previous scheme already allowed you (prior to 11 February 2021) to take pension benefits at an age below 57

This is known as an unqualified right. To find out if you have an unqualified right contact your existing pension provider.

If being able to access your pension from age 55 rather than 57 is important to you, you may want to speak to a financial adviser before transferring your pensions. If you have an unqualified right, transferring to another scheme may affect this - an adviser will be able to help.