Aegon / CoFunds appalling

jimhh

I know that there has already been a thread on the mess that is Aegon. We had 3 small investments held by CoFunds. Recently been trying to close the accounts - including transferring an ISA.

Aegon have been next to useless our financial advisor has been on the phone for hours, I have e mailed, written and phoned and most - not all - contacts there have been next to useless. Now a small amount of progress in transferring the ISA - after 12 weeks!

Asking for statements for the closed accounts where the paid out amount is LESS than the cash value of the units sold. Probably a rational explanation or two but Aegon don't seem to want to tell us.

Avoid!!

dunstonh

Yes, they have been awful in a significant minority of cases but they are also being very generous with goodwill gestures when putting things right. So, for me, that keeps them off the "avoid" list. The issues are only impacting on a small, but still significant, number of legacy clients.

Looking at how the platform is developing as they enable the functionality in stages, it does show potential to pretty useful.

With more platforms moving in the next 12 months, it will be interesting to see how they have done as so far, none of the platforms moving software providers has done a good job.

michelleliverpool

My father has been trying to gain a paper statement from these for over a month. He has explained he is unable to use the internet (He has Parkinsons).

Several very timely and frustrating phone calls later and still no statement. This is despite being promised after each one that a statement was on its way...shocking!

Any advice would be greatly appreciated. The original investment was made with L&G

Ludoes2017

I recently moved my SIPP away from Aegon for this very reason. It seemed like a battle to get information and help when I needed it.

dunstonh

Aegon sent out the statements last month.

dont_use_vistaprint

I get all the Aegon info online , always up to date on payments in, value and a calculator for projecting future value by age and hi/med/low growth - very useful site i thought. (On a bad day I just put it on age 69 and high and its makes me feel rich :-) )

Are they are bad choice of company to use for a private pension ? Is performance of 'Group Default Pen' poor compared to others ?

dunstonh

Are they are bad choice of company to use for a private pension ? Is performance of 'Group Default Pen' poor compared to others ?

Aegon is the largest platform in the UK (if combined). However, their growth has been through acquisition. So, they had multiple platforms running. They moved one of the largest chunks (ex Cofunds) onto new software in earlier in the year. It wasn't a smooth transition with a large number of bugs and very much reduced functionality. They have been fixing it since. To be fair, we have only had two clients with issues and they have fixed one and paid a generous goodwill gesture and the other is persisting but they have said they will put it right with a fix and have paid one amount of goodwill gesture and said another will come once they have fixed it.

Once they have sorted the issues, they will be moving their other platform (Aegon retirement choices) onto the new software.

It doesn't sound like you have an Aegon (Cofunds) contract as Cofunds never did any group schemes. You will either have an Aegon (Retirement Choices) pension or an ex-Scottish Equitable based group personal pension.

xylophone

My father has been trying to gain a paper statement from these for over a month. He has explained he is unable to use the internet (He has Parkinsons).

Aegon sent out the statements last month.

Has the statement gone astray in the post?

Handwriting and typing are difficult/not possible for your father?

Perhaps you could write a letter to Aegon for his signature?

dont_use_vistaprint

dunstonh wrote: »

It doesn't sound like you have an Aegon (Cofunds) contract as Cofunds never did any group schemes. You will either have an Aegon (Retirement Choices) pension or an ex-Scottish Equitable based group personal pension.

How would I know and does it matter ? None of the login options on the new site work, I use a completely separate site at extranet.secure.aegon.co.uk

Whats you opinion of the Group Pen Default fund, is it a good one or are there better? Whenever I click links to performance , it just redirect back to main home page. Iv'e tried searching numerous times on different sites for the fund name and can never find any information about it

dunstonh

How would I know and does it matter ?

It doesnt matter who it is with as long as what you have is suitable.

None of the login options on the new site work, I use a completely separate site at extranet.secure.aegon.co.uk

They wont as you are with a different company. You are with Aegon Scottish Equitable.

Whats you opinion of the Group Pen Default fund, is it a good one or are there better?

For an active workplace pension (i.e. you are an active member of that employer) then its fine. If you are no longer active then you can probably get better. However, terms were often bespoke. So, it really depends on your terms. Sooner or later you will likely end up on the Aegon (Cofunds) platform.

michelleliverpool

dunstonh wrote: »

Aegon sent out the statements last month.

That is what Aegon have been saying for over a month. Given duplicate statements were promised on two further occasions and have still not arrived, the usual excuses used with regards to slow or missing mail by no means suffice.