as of 11/12/2020 at 10:42 am
Customers have told us Aegon’s online journey for drawdown can be quite slow and difficult to get set up. Most told us once the admin’s sorted the ongoing service is good with a great telephone helpdesk, but it can take up to 10 days to receive drawn money.
A straightforward solution from a big brand with a choice of five different solutions offered in a simple, engaging way. This simplicity is good news for those who don't want to spend hours researching investments, but sadly you can’t choose from a wide range of funds and can’t buy and sell individual company shares.
The focus of the site is primarily around pensions, but ISAs are also available. There are five Aegon Retiready solutions, which range in risk-levels and cost around 0.4%; bringing the total investment charge to roughly 0.9% a year all-in (so £9 on £1,000). For a passive solution, there are cheaper options around but it’s still OK-ish value.
The website is outdated and slightly confusing, lacking the easy navigation and eye-catching features of some of the more contemporary providers.
Aegon Retiready do not offer drawdown, however they are able to transfer the pension within the Aegon sphere to a department that does offer drawdown, who charge an annual £75 fee for this service.
All in all, this offering will suit people who want a relatively simple experience and value the security that comes from bigger brands. The investments which sit under the Aegon bonnet are provided by US giant BlackRock which runs over $6 trillion of assets.