Aegon, one of the UK’s largest pension and investment providers, is pleased to announce the enhancement of its service offerings through the introduction of cash ringfencing during the switch journey. This new feature is available via the Aegon Retirement Choices (ARC) and One Retirement platforms. Designed to simplify and optimise the process of withdrawing funds, this advancement ensures greater ease and consistency in transactions for both advisers and their clients.
The introduction of cash ringfencing supports the Consumer Duty’s ‘foreseeable harm’ principle, underscoring Aegon’s commitment to delivering secure and reliable solutions for advisers and their clients. This feature allows users to efficiently allocate cash from the proceeds of a sale to fund:
- SIPP tax-free cash
- Regular income from SIPP drawdown, GIA or ISA
- Platform, advice and DFM fees
Additionally, to further support the prevention of foreseeable harm, Aegon has introduced a pension income reliability feature. This update ensures that clients will receive their regular drawdown income as expected, even if sell transactions have not yet settled.
Stephen Crosbie, Managing Director – Adviser Platform at Aegon comments: “Following our Strategy Teach-In in June 2024, we remain committed to enhancing the core functionality of our platform and delivering an exceptional experience.
“We understand the importance of receiving payments on time. That’s why we’ve developed these improved measures to protect payments of regular income and drawdown, which ultimately help avoid foreseeable harm. By removing barriers, we are facilitating a smoother interaction with our platform and helping advisers to provide optimal service to their clients.
“These enhancements are just the beginning. We’re dedicated to excellence and are working hard to ensure our platform works hand in hand with the needs of advisers. Watch out for more updates, there’s plenty ahead as we continue on our transformation journey.”
For further details about Aegon’s newly introduced features and how they can benefit advisers, please visit: aegon.co.uk/adviser/our-solutions/savings-for-individuals/platform-updates
