I've been told my existing Aegon plan fund value is moving to Aegon Retirement Choices (ARC)
Updated 29 November 2016
If we’ve told you we’ll automatically transfer your existing plan fund value to your ARC account - we’ve already done some checks to make sure that transferring is right for you. We’ve calculated that the total annual Aegon charges we’ll take from your ARC account will either be the same or lower than your total annual charge on your existing plan. We may review our charges in the future.
Your letter may have highlighted that you have a protected tax-free cash entitlement under the existing scheme. We’ll arrange for this protection to be carried over into the ARC scheme. This entitlement could potentially be lost on a transfer out, however we’re able to retain this by making a block scheme membership transfer of funds to the new scheme. There is no further action required by you to retain this right. Your exact tax-free cash entitlement will depend on a number of variable factors and will be calculated when you come to take your benefits.
If you’re not sure transferring is right for you, you should speak to a financial adviser. If you don’t have one you can find one in your local area on the unbiased.co.uk website.
If you make any changes to your existing plan before the transfer is complete - this may affect the terms of this transfer offer.
This is dependent on the investment you choose. Investment costs on ARC are different to those on your existing plan. When we come to transfer your plan we’ll reassess it before we automatically transfer your fund value. If you’ll no longer be better off, in terms of price, we’ll write to you to let you know we’ll no longer be automatically transferring your plan without you telling us to.
I have more than one plan with Aegon – why does the letter only
mention one of my plan numbers? Are you transferring all my
If you have another plan with Aegon, not detailed in your letter, we’ll not automatically transfer that fund value into your ARC account.
At the moment we’re only looking to move the fund value that you’ve built up in your existing workplace plan, the one detailed in your letter. If you have other plans with us, and you want to consider transferring, you should speak to a financial adviser to find out what your options are.
If I choose not to transfer at the moment, but want to at a later date,
are there any consequences of transferring after the deadline?
If you change your mind in the future you’ll still be able to transfer your funds. However, by transferring after the response date in your letter, we would have to sell your investment in your old pension and invest again in your new pension.
This could result in your money not being invested in the market (known as out of market) for up to five days. You would miss out on some growth if the markets rise in that period, but would be protected against a loss if they fall in that time.
If we’ve highlighted that you have an entitlement to protected tax-free cash and you choose not to transfer at this time, as part of the block transfer, it may not be possible for you to carry over this protection if you choose to transfer in future.
If we’ve told you we’ll move your existing plan fund value to your ARC account, and you don’t want us to, you’ll need to confirm this before the date in your letter – you can do this by:
- email - firstname.lastname@example.org; or
- phone - 03456 091 679.
You’ll need to quote your existing plan number, which you’ll find in your letter.
If you do this, your existing plan will remain as is.