Aegon refuse to release pension

Rosieannie

Hi my husband has a small capped drawdown pension with Aegon approx. £2,000 a year which we take as a lump sum. We decided to transfer this to a flexi account in order to take out the lump sum. My husband telephoned Aegon who told him he needed a financial adviser to do the transfer. We contacted two financial advisers. We were told no we did not need them and there was nothing in the regulations to say we needed to use either of them. Another phone call to Aegon, who said although legally we didn't need an adviser it was their policy not to allow us to change the policy. As both advisers told us they didn't deal with what Aegon was asking and Aegon won't let us make the changes we're stuck. We were told we might be able to make the changes after September or October as they were " building a system". Our finances are in good shape this was a small sum we couldn't take under the old rules, both advisers agree with our plans, but Aegon say no, can they do this.

xylophone

https://forums.moneysavingexpert.com/discussion/comment/67939000#Comment_67939000




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