Aegon Pension Loss

Marcon

Taylor1928 said:

i have had the same problem with Aegon, via my workplace pension is currently down over £50k,  I contacted the company pension advisor who told me pensions are a long term investment, ( when your 65 it does not feel like that), i have also written to the Pension Trustees. Aegon don't do anything and the funds are in Blackrock and im not a specialist so whilst i view the system i don't touch it, but I see every fund in the lifepath going down, and some of the losses are staggering but i see no management. I pay Aegon a fee to manage the fund (not watch it) which being realistic is being transferred automatically into a guilt proportion as i age, compounding my losses, so whilst they are legally in the right, their lack of due diligence in my view amounts to gross negligence . I have now contacted a independent financial advisor to look the fund lines, and advise how i can protect against the losses, including moving monies out into different products. Note my Standard Life pension is 2% up so some companies are working harder, but the value in that is a lot less. As far as i can see i have no regress on Aegon but as an individual who has put into schemes all my life and i know i feel ripped off, 

But you've only just thought of talking to an IFA at the ripe old age of 65...? Advisers can't change what's happening in the financial markets, but they can ensure their clients understand the type of funds in which they have chosen to invest their pension (and 'doing nothing' is actually a choice - you could have chosen to do something else). As others have pointed out, Aegon simply do the administration; the fund managers (Blackrock) manage the funds.

Feeling ripped off is always a horrible feeling, but that is something you can change. Improving your understanding of your pension and how it works won't automatically increase its value, but it should at least diminish your sense of outrage.