In this issue, we’re bringing you a roundup of industry innovations designed to streamline your processes, enhance client service, and keep you at the forefront of financial technology. From Aegon’s cutting-edge pension transfer comparison service to Plannr’s game-changing integration with Transact, these updates are set to transform how you operate and succeed.
Aegon’s Pension Transfer Comparison Scheme
Aegon has just unveiled an innovative pension transfer comparison service, making it easier than ever for members to evaluate their old pensions. The new ‘red, amber, green’ system, developed in partnership with The Pension Lab, allows users to retrieve and assess their pensions with ease.
Here’s how it works: pensions are categorised as red, amber, or green based on their features and associated charges. Only those pensions without additional valuable features, and where the fees post-transfer into an Aegon plan are lower, receive a green rating. On the other hand, pensions with guarantees, such as defined benefit schemes, are marked red.
After a successful pilot phase, Aegon is offering members the convenience of a fully digital transfer process—no more paperwork. Transfers now take just over two minutes, saving both time and money. Excitingly, Aegon plans to extend this feature across all its Workplace platform products later this year, gearing up for the launch of Pension Dashboards in 2026.
Nick Roy, Aegon’s Director of Client and Partnership Development, commented: “Our collaboration with The Pension Lab is a significant step forward, offering our members a seamless and secure way to manage their pensions. This aligns perfectly with our commitment to enhancing the member experience.” Scott Phillips, CEO and founder of The Pension Lab, added: “Through our collaboration with Aegon, we’ve delivered another industry first with the provision of a fully digital non-advised pension transfer solution, which includes pension finding, detailed feature checking, and a bespoke charge comparison.
Aegon unveils pension transfer comparison service
Standard Life’s New Annuity Tracker Service
Standard Life is making strides with Origo’s new Annuity Transfer Tracker service, revolutionising how advice firms manage pension-to-annuity transfers. This service, an extension of Origo’s Transfer Service, provides advisers and paraplanners with real-time updates on the progress of their clients’ transfers, all at the click of a button.
Jon Scannell, Head of Annuity Distribution at Standard Life, emphasised the benefits: “The Annuity Transfer Tracker will streamline our service, enabling advisers to quickly access transfer statuses and keep their clients informed. It’s a game-changer for both efficiency and customer service.”
Origo’s CEO, Anthony Rafferty, highlighted the broader industry impact: “Our new tracker significantly cuts down on time and resources for both providers and advisers. With seamless API integration, this service exemplifies how we’re connecting the industry to enhance performance and service delivery.”
Standard Life rolls out new annuity transfer tracker service
Plannr and Transact’s Integration to Boost Adviser Efficiency
Plannr Technologies and Transact have joined forces to supercharge the efficiency of financial advisers with a new integration. This partnership is set to drastically reduce the time spent reconciling income statements for financial planning practices across the UK.
By utilising Transact’s enhanced API, advisers can now feed income statements directly into Plannr’s Income Reconciliation Engine, eliminating the need for manual uploads and reducing the potential for errors. This integration is immediately available to all Plannr subscribers.
Gareth Thompson, Plannr’s Director, shared his enthusiasm: “This integration is perfectly aligned with our mission to equip advisers with cutting-edge tools. We’re setting a new standard in financial services for income statement processing.”
Transact’s Chief Executive, Jonathan Gunby, echoed this sentiment: “We’re thrilled to offer advisers a streamlined and secure process, eliminating manual work and saving time. Our collaboration with Plannr has been incredibly fruitful, and we look forward to further innovations together.”
LIVE! New Integration with Transact Automated Remuneration Statements
LCP’s New Tool for Widows & Widowers to Check State Pensions
In light of recent errors by the Department for Work and Pensions (DWP) affecting state pension claims, LCP has introduced a new online tool to assist widows and widowers in checking their state pension entitlements. The DWP has already paid out over £280 million in arrears to more than 23,000 individuals who missed out on inherited state pensions.
Given the complexity of the rules, LCP’s tool aims to simplify the process, helping individuals understand what they are entitled to inherit alongside their own state pension. If you or your clients want to explore this further, you can find the tool by clicking here.
DWP making new errors on widows’ state pensions – LCP launches new tool to help people check
At We Complement, we’re committed to equipping financial advisers with the tools and insights they need to succeed. If you’re looking to enhance your practice and better serve your clients, explore our tailored solutions designed to streamline your processes and elevate your business. Get in touch with us today to discover how we can support your growth.