Aegon Pension Delay, IT Issues, Shocking Customer Service - Costing me THOUSANDS!!

hen1080

I am currently trying to access my pension, but already been delayed 5 weeks.
My issues
1- Their website "failed" when I tried to access my pension
2- Had to resort to paper forms - with massive delay
3- Customer support is shocking. They promise to take action or call me back ... nothing gets done.
4- Official complaints team. I have raised a formal complaint but even their team do not contact me when they promise or respond to voice mails.

Has anyone else faced the same issues and what was the outcome.

Bradden

Not me.. I'm able to log in without  any issues

Strummer22

In what way is it costing you thousands? 

If you are genuinely in a worse financial position than if they had acted within reasonable timescales, your complaint should include this. If you are then dissatisfied with their response via the formal complaint procedure, you can refer the case to the financial ombudsman and eventually get some kind of resolution by... I'm guessing... Q2 2025? 

Albermarle

I do not know the details of this case, but it is true that some pension providers/administrators have poor levels of customer service. I think Aegon is one of them and other posters have mentioned a clunky website.

OP - You will probably just have to be a bit patient and keep pushing. It seems unlikely you will actually lose any money, just that it will be delayed.

dunstonh

Has anyone else faced the same issues and what was the outcome.

Which Aegon are you referring to?
Aegon ARC
Aegon RR
Aegon SE
Aegon workplace pensions
Aegon Cofunds

I have had issues in the past with automation not following through with a couple of those but nothing recently.  Their software is certainly poor on the IFA side compared to others and they have had issues in the past but no known current issues on a widescale basis.

Many of the Aegon plans do not support drawdown and need transferring to one of their modern versions to allow it.  That will add in delays.

 been delayed 5 weeks.

That is not long enough in itself to be in compensation territory.    Poor service could get a small goodwill gesture though.

hen1080

It is Aegon workplace pensions. The issue is that my pension plan has fallen in value due to the delay. Also the lump sum will be used to offset my mortgage and save £500 per month in interest.

Albermarle

hen1080 said:

It is Aegon workplace pensions. The issue is that my pension plan has fallen in value due to the delay. Also the lump sum will be used to offset my mortgage and save £500 per month in interest.

If you were planning to drawdown the pension over a long period, any short term negative market movements are unlikely to have a significant effect, although the lump sum amount could be.

As you are finding out it is best to do anything with pensions in advance, in case of unexpected delays. It took me several months to get one DB pension in payment. 

dunstonh

It is Aegon workplace pensions.

Is this the pension of a recently left employer?      That can sometimes create additional delays as the employer has to tell the scheme that you are no longer an employee and there is often a lag due to payroll not always being directly after leaving.  Sometimes you can be due money in the payroll after you have left and its only then the pension scheme gets told and for many schemes you cannot access them whilst you are still shown as an active member (or it requires manual overriding).

Stubod

..can you explain why it is costing you "thousands"...or is the title of the thread just click bate???

Marcon

hen1080 said:

I am currently trying to access my pension, but already been delayed 5 weeks.
My issues
1- Their website "failed" when I tried to access my pension
2- Had to resort to paper forms - with massive delay
3- Customer support is shocking. They promise to take action or call me back ... nothing gets done.
4- Official complaints team. I have raised a formal complaint but even their team do not contact me when they promise or respond to voice mails.

Has anyone else faced the same issues and what was the outcome.

Five weeks is not a 'massive delay'. Annoying, yes - but far from unusual. Putting a pension into payment can often take several months, not least to ensure that the correct amount is being to the right person.

Kim1965

I had to deal with several pension providers recently. 5 weeks is not  a long delay. Of the four i dealt with three took 8 weeks and one is 14 weeks and counting. Pension administrators do as they please.