I've been told my existing Aegon plan fund value is staying where it is
Updated 13 July 2023
We’ve compared the terms of your existing plan with the terms of your ARC account and based on the information we know, your plan has some features and benefits which you might view as valuable. As a result, you should consider whether moving your existing fund value into your new ARC account is the right thing for you.
There are a number of reasons why we may not have been able to make you an offer to transfer, it may be for one or more of the following reasons:
- Your charges will be more - we believe the total annual plan charge you’ll pay will be more if you transfer your existing fund value to your ARC account and invest the transfer payment in exactly the same investment fund(s) as you’re currently invested in under your existing plan.
- Your investment fund is not available on ARC - one or more of the investment funds you’re invested in, in your existing plan, may not be available on ARC.
- You have protected benefits - such as a protected tax-free cash limit or a protected low pension age. Transferring may mean you lose this protection.
- You’re living abroad.
- You’ve passed, or are within your final year before, your chosen retirement age.
- You have a legal order on your plan – for example, a pension sharing order or earmarking order following a divorce, or a bankruptcy order.
Although we can't make you an offer to transfer, you can still choose to transfer. If you're unsure, you should get guidance or speak to a financial adviser - there may be a charge for this.
Aegon Assist can help if you don't have an adviser and need guidance on bringing your pots together. Our goal is to offer you guidance so you can make an informed financial decision. We can also make sense of any technical jargon you may not be familiar with.
If you're still unsure, we recommend you talk through your options with a financial adviser - there may be a charge for this. If you don't have one, you can visit moneyhelper.org.uk/choosing-a-financial-adviser.
There are a number of reasons why we may not be making you an offer to transfer, even though your charges may be less on ARC.
- Your current investment choice is more expensive on ARC.
- One or more of the funds you’re invested in, in your existing plan, may not be available on ARC.
- If you have protected benefits, such as a protected tax-free cash limit or a protected low pension age.
- You’re living abroad.
- Your retirement age on your existing plan differs from that on ARC.
- You've passed, or you're within your final year before your chosen retirement age.
- You have a legal order on your existing plan – such as a pensions sharing order if you’re going through a divorce or a bankruptcy order.
Although we can't make you an offer to transfer, you can still choose to transfer. If you're unsure, you should get guidance or speak to a financial adviser - there may be a charge for this.
We don’t know your personal circumstances and what’s important to you, therefore you and your adviser should consider whether moving your existing fund value into your new ARC account is the right thing for you.
We were able to make an offer of transfer to some of your colleagues.
We reviewed each plan, its features, investment and charges, and based on that review we may or may not have been able to offer a transfer.
Although we can't make you an offer to transfer, you can still choose to transfer. If you're unsure, you should get guidance or speak to a financial adviser - there may be a charge for this.
Yes. If you leave your existing plan where it is, and still have funds in that plan, you can pay single one-off contributions or set up regular payments with a Direct Debit instruction.
No, these will be held as two separate plans, therefore you’ll need to manage them separately.
For managing your account online, such as changing your investment, you can log in to your online services:
- For your new ARC account log in to Retiready to manage your account.
- For your existing plan log in to our online services.
If you want to contact us about any of your plans please call us:
- For your new ARC account - 0345 6801234 (select option 3 for workplace savings)
- For your existing ‘old’ plan – 0345 6100010 (have your plan number ready)
Call charges will vary.
If you have another plan with us and you have a query, please let us know when you contact us so we can transfer you to the correct team. Your queries will be dealt with in one call.
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