Frequently asked questions (FAQs)

Personal details

  • How do I update my personal details?

    Please contact us to change any details which are incorrect. Select the 'Customer services' link under the 'Help and Support' tab at the top right of the page to get in touch.

  • How do I change my email address?

    To change your email address firstly Sign in. Then go to Profile, select Security & Notifications, then Change email address to start the process of updating your details.

  • How do I change my address?

    Unfortunately, at this time, you can't change your address online. To change your address, simply sign in and select the 'Help and Support' tab and choose 'Customer Services' from the drop down menu to get in touch with us so we can help.

  • How do I change my contact preferences?

    Sign in and select 'Profile' in the top right corner of the screen and select the 'Security and Notifications' tab. From here you'll have the option to change your contact preferences under the 'Marketing communications' section.

  • How do I change my name?

    Unfortunately you can't change your name online. To change your name, simply sign in and select the 'Profile' tab and choose 'Customer services' from the drop down menu to get in touch with us so we can help. You will need to provide us with official documentation

  • Where can I find all my documents once I open/activate my account?

    You'll find these in each of the individual product dashboards. Simply choose the name of one of your product you want to view details on (e.g. Stocks and Shares ISA) and select the 'Documents' tab. From here, you will be able to download the documents connected with your account.

  • What do you need to register the planholder's death?

    We'll need an original death certificate, the planholder’s product number and your details so we can discuss it with you. Please contact us so we can help.

  • What is my customer number for?

    Your customer number is used to verify your identity / account. If you've forgotten your customer number you can view this in the 'Your details' section of your Profile.

  • What do we mean by 'habitually resident in the UK'?

    This means your main permanent residential address has to be within the United Kingdom.

  • How do I get a financial adviser?

    You can find a financial adviser near you by using unbiased.co.uk or findanadviser.org

    Please note that throughout our websites and documentation, wherever possible, we use the word ‘intermediary’ to mean both a financial adviser and an execution only broker. There will be some instances where for clarity we have to refer to financial adviser. Please bear this in mind when you see references to intermediary.

  • How do I add a bank account?

    To add a new bank account, select ‘Bank details’ from your Profile. Select ‘Add a bank account’ to begin the process.

  • Who can certify a document and how do they do it?

    You can make changes by contacting us. Before making any changes to your policy, we recommend that you speak to a financial adviser. 

    Copies of documents can be certified by one of the following people, who may charge for this service: 

    We accept:

    Doctor/dentist;

    Ministers of religion; 

    Teacher; 

    Social worker; 

    Credit union employee; 

    Post Office official (through the post office’s certification service); 

    Accountant; 

    Bank / building society employee; 

    Barrister / solicitor / paralegal; 

    Councillor; 

    Financial adviser; 

    Justice of the peace; 

    Member of Parliament; 

    Serving police officer. 

    The person certifying your document should write the following on the copy document: 

    Their name in block capitals; 

    The name of the company they work for and their occupation; 

    The statement 'I certify this to be a true likeness of the original'; 

    and their signature and date.

  • Should I set a document preference?

    Setting a document preference lets us know whether you'd like to receive your documents Online or by Post

    Choosing Online and going paperless means we'll reduce the amount of paper we issue. You don't have to worry about missing a document as once we launch the service from September 2021, you'll start to receive an email each time a new document is available to view. So, it's important to keep your email address updated. You can view a list of all documents we're making available paperless.

    Where possible, we'll apply your document preference to all document types and to all products you hold with us including any future products you may take out. We may still send some documents by post where an online version isn't currently available.

Access and Security

  • Should I use my personal email address?

    You should always use your personal email address on your account. For security reasons, you should not use your work email. This will enable us to remain in contact regardless of your employment status. It's important that you use an individual email address rather than a shared email addresses.

    Please don't include personal or banking information when contacting us by email as this isn't a secure form of communication. Our Staying Safe guide provides more information.

  • Can the same email address be used for multiple accounts?

    The same email can’t be used for more than one customer account, You can have multiple products within a single account if they’re registered to the same name. 

  • Why can’t I see my joint account online?

    You’ll only be able to see a joint account online if you’re the primary investor. 

  • Why can’t I make withdrawals, top up or switch online when I sign in?

    You may not have transactional access. We can offer online access to your account but, if you have an adviser, you'll need to speak to them first. If you don’t have an adviser and are comfortable managing your own investments, you can contact us by web chat.

    Our guides will give your clients a full overview of what they can do on the platform with different levels of access. 

    Client guide to Aegon Platform – view and transact (pdf)

    Client guide to Aegon Platform – view only (pdf)

  • How do I access my account?

    To access your products on the Aegon dashboard, you'll need to activate/upgrade your account. You’re required to keep your details on your customer dashboard up to date so your product details are kept secure. You only need to activate your account once.

    For new customers

    If you've recently purchased a product from us and haven't completed your account activation, please check your email inbox for an activation email from us. If you’ve been given an activation code you can go ahead and setup your online access. Remember to check your spam folder if you haven’t received an email from us.

    For previous Cofunds customers

    1. If your financial adviser had a Cofunds microsite, go to their original site and you'll be automatically redirected.

      Then, once you've followed the 'Update your details' instructions, you'll receive email verification with an invitation to sign into your adviser’s site on the Aegon dashboard.

    2. If you signed in directly at cofunds.co.uk, please go to customerdashboard.aegon.co.uk 

      Then, once you've followed the 'Update your details' instructions, you'll receive email verification with an invitation to sign in to your adviser’s site on the Aegon dashboard.

    For IPS customers

    In all cases, once you have successfully signed in, remember to bookmark this page for the next time you wish to access your account.

  • I've not received an email containing my account activation code?

    If you can’t find or haven't received your account verification email from us, please check your email junk folder. If you don’t have an email, please request a new one.

  • Why haven't I receive an email with my account activation code?

    If you haven't received your account verification email, please can you check your email junk folder, otherwise please contact us

  • How do I change my security details?

    To change your password, please visit the Request password reset page. 

    To change your email address, simply sign in, go to your profile, select Security & Notifications, and Change email address to start the process of updating your details.

  • How do I change my password?

    You can reset/change your password by following the Forgotten Password option on your ‘Sign in’ page.

    If you think the security of your account has been compromised please contact us immediately.

  • What should I do if I think my account details may have been compromised?

    If you think the security of your account has been compromised please contact us immediately.

    You should also change your account password as soon as possible. You can reset/change your password by following the Forgotten Password option on your ‘Sign in’ page.

  • I’ve forgotten my user name, what do I do?

    Don't worry. Your user name is normally your email address. However, if you're still having problems after you keying in your email address, please contact us.

  • How do I get to see the information that Aegon holds about me?

    You have the right to request a copy of the personal information we hold on you.  When you request this information, this is known as making a Subject Access Request (SAR). In most cases, this will be free of charge, however in some limited circumstances, for example, repeated requests for further copies, we may apply an administration fee. To exercise this right, please write to Data Protection Officer, Aegon, Edinburgh Park, Lochside Crescent, Edinburgh, EH12 9SE or email dataprotection@aegon.co.uk

    If contacting us by email, please don’t include any personal or banking information as email isn’t a secure form of communication.

  • What do you do with my personal information?

    We're committed to protecting and respecting your privacy and information. 

    Take a look at our privacy policy to find out more. 

    This policy explains:

    • Why we need your information
    • What we do with it
    • Who we might share it with
    • How you can exercise your rights.
  • How many banks do you (Scottish Equitable plc and Cofunds Limited) hold accounts with?

    We use multiple banks to hold your money. We may spread any money we hold on your behalf across those banks to help reduce the risk to your money if any one bank has financial difficulties.

    The banks we currently use are:

    • Lloyds Bank Plc
    • HSBC Bank Plc
    • RBS
  • Does using an older version of my browser affect my online experience?

    Yes, this could. We always try to design our websites and online systems to take advantage of all the features that modern web browsers provide. If you don’t use the latest version of your web browser, there is a chance you’re missing out of some of the features the browser has to offer. This could also affect your experience when using our website or online systems. We aim to support older versions of browsers but updating to the most up to date version will give you the best experience.

    If you don’t use the most up to date version, this may also have security implications for example personal information being made public. We would always recommend you use the most up to date version.

  • Why have I received an account activation email?

    To set up an online account with us, you first of all have to activate your account. If you, or your financial adviser on your behalf, request an online account we’ll send you an email with an account activation code to your registered email address. To complete the activation, you’ll need to follow the steps and enter your activation code.

Contact us

  • How do I email Aegon?

    If you have a question about a policy or product, or want to get in touch, we're here to help. You can find out more about how to get in touch with us on our Support and contact page.

  • What’s the best way to get in touch with you?

    Simply sign in and choose 'Customer services' which is under the 'Help and Support' tab to get in touch with us.

  • What's your postal address?

    If you’re an Aegon Platform customer, you can write to us at Aegon Cofunds Administration, Sunderland, SR43 4DN.

  • How do I make a complaint?

    We hope you never have cause to complain, but if you do, please contact us by using the details on the How to make a complaint page. 

  • Who do I contact for queries relating to my Portfolio Plus SIPP and Portfolio Plus Pension?

    Contact ReAssure for all queries relating to your ReAssure Portfolio Plus SIPP and ReAssure Portfolio Plus Pension, including cheques for any additional contributions.

    ReAssure SIPP
    2nd Floor, Fitzalan House
    Fitzalan Court
    Fitzalan Road
    Cardiff
    CF24 0EL

    You can contact ReAssure by phone on +44 (0)345 646 0381 (Monday to Friday 9am - 5pm. Call charges will vary).

    For product or administration queries email reassuresipp@mercer.com

    As email isn't a secure method of communication, please don't send any personal, financial or banking information.

Aegon ISA

  • Can I open an ISA without a National Insurance number?

    Yes – an ISA manager can accept an application for a stocks and shares ISA, a cash ISA or an innovative finance ISA if you don’t have a National Insurance number, or you have a temporary one.

    However, you must have a National Insurance number to apply for a Lifetime ISA.  

    You need to provide your National Insurance number during the online application process for an Aegon ISA or contact us to complete a paper form if you don’t have one.

  • Why do I have a cash facility within my ISA?

    The cash facility lets you hold cash in your ISA. This money can be used to invest into funds, to pay charges or can be withdrawn.

    You may also be able to re-direct and pay your ongoing charges from your ISA through your GIA cash facility (which is automatically set up for you when you buy an ISA from Aegon) rather than through your ISA.

     

  • How much tax will I pay?

    Returns from an ISA are free from any personal liability to income tax and capital gains tax. You also don’t have to disclose them on a tax return.

    This information is based on our understanding of current taxation law and HMRC practice, which may change.

    The value of any tax benefits will depend on individual circumstances. The favourable tax treatment of ISAs may not be maintained in the future.

  • If I change my mind, can I get a refund?

    Yes. You have 30 days to cancel opening an ISA starting from the day you receive the documents with your contract details. If you cancel within this period, the payment won’t count towards your ISA allowance. However, if you cancel after the 30-day period has expired, the payment will count towards your ISA allowance.

    For full information regarding your cancellation rights, please see the Key Features document for the Aegon ISA.

  • How do I transfer an existing ISA into my ISA?

    Our transfer guide will help you with this.

  • How do I switch to a new fund?

    Speak to your intermediary, if you have one, or contact us.

  • Can I still make payments to my ISA if I'm no longer resident in the UK?

    No. We can only accept payments from you if you're:

    • a resident in the UK for tax purposes (HMRC defines 'a resident in the UK' broadly as if either you spent 183 or more days in the UK in the tax year (6 April - 5 April) or your only home was in the UK - you must have owned, rented or lived in it for at least 91 days in total - and you spent at least 30 days there in the tax year performing duties or you're a Crown employee serving overseas and paid out of public revenue of the UK (for example, a member of the armed forces, or a diplomat)); or
    • married to, or in a registered civil partnership with someone performing duties as a Crown employee serving overseas and paid out of public revenue of the UK.
  • How do I close my ISA?

    If you’d like to close your Aegon ISA, there are two ways to do this. You can either contact your intermediary and they can do this for you, or, if you have transactional access on the Customer Dashboard, you can complete this online.

    We can offer online access to your account but, if you have an intermediary, you'll need to speak to them first. 

  • I made a mistake during the application process. What should I do?

    Simply sign in and select the 'Profile' tab and choose 'Customer services' from the drop down menu to get in touch with us so we can help.

  • Why is my transfer in to my account not showing up?

    Transfers are currently an offline process.

    If you have a transfer in progress, please contact us to find out its current position.

  • How can I make payments?

    To make a one-off payment, sign in to your account and select 'View & manage' for the account you’re making a payment to. Then select 'Top up’ and follow the instructions to make a one-off payment by debit card, bank transfer and/or cheque.

    If you want to change the contributions you’re currently making to your ISA, please contact us on 0345 604 4001 to request an illustration and an application form. Please have the following information ready:

    • the amount you are looking to contribute and the frequency of contribution
    • the names and SEDOL numbers for the funds you want to invest this contribution in
    • the percentage of the regular contribution you would like to invest in each fund.

    There are minimum monthly amounts required for some funds - these are listed in the Key Features document:

    ISA key features

  • Can I add money into an ISA from my general investment account (GIA)?

    Yes, you can do this using your Aegon dashboard. Go to the GIA product page and select ‘More options’, then ‘Transfer money from GIA to ISA’ and follow the instructions on screen. 

    If you don’t already have an ISA, then one will be set up as part of this process.

    We don't provide advice or personal recommendations and you should be comfortable with the decisions you're making. If you're unsure, you should seek financial advice or guidance.

  • Can I manage regular withdrawals from my ISA or general investment account (GIA) online?

    Yes, go to the ISA or GIA product page, select ‘Manage regulars’ and follow the instructions on screen.

  • Can I take a one-off withdrawal from my ISA or general investment account (GIA)?

    Yes, if you have transactional access. If you don’t, we can offer online access to your account but, if you have an intermediary, you'll need to speak to them first.

    If you don’t have an intermediary and are comfortable managing your own investments, you can sign in to manage your account.

    In order to make a one off withdrawal, go to the ISA or GIA product page on the customer dashboard and select ‘More options’, then ’One-off withdrawal’ and follow the instructions on screen.

  • Can I see my remaining ISA allowance?

    You can see your remaining ISA allowance on the ISA product page under the ‘Overview’ tab and as part of the ‘Manage regular contributions’ transaction.

    The remaining allowance takes into account any money that you've already contributed and the value of any scheduled payments you've already set up for the current tax year. This doesn't take into account ISAs you may hold elsewhere.

  • Can I make one-off payments by Direct Debit, or do I need to do a bank transfer?

    No, we only accept one-off payments by bank transfer, debit card or cheque. You can only make regular payments by Direct Debit.

  • Do you accept regular payments by bank transfer?

    No, we can only accept regular payments by Direct Debit. You can make one off payments by bank transfer.

  • I’ve missed a regular ISA payment. How do I bring this up to date?

    Simply sign in to your account to view your investments. Select 'View and manage' for the ISA you wish to bring up to date. Select 'Top up'. Follow the instructions to make a one-off payment by debit card, bank transfer and cheque.

  • Can I make payments from a joint bank account?

    If you have a joint bank account, you must be able to give authorisation on your own to make payments.

  • Where can I see the charges that have been taken from my account?

    When you sign in, simply select the name of one of your products (e.g. Stocks and Shares ISA) and select the 'Transactions' tab. From here, you'lll be able to view the charges taken from your account.

  • Is there a charge for switching funds?

    No - it won't cost you anything to switch funds.

  • What rate of interest is payable on cash in my ISA cash facility?

    The rate of interest is paid at the Bank of England base rate less 0.05%. For more information on my cash facility please read our Guide to ISA.

  • What's the maximum amount I can pay in to an ISA?

    The maximum amount (also known as the ISA allowance) for the current tax year is:

    • £20,000 for a stocks and shares ISA, cash ISA and innovative finance ISA. This £20,000 covers the total amount paid into a stocks and shares ISA, cash ISA, an innovative finance ISA and a lifetime ISA.
    • £4,000 for a lifetime ISA. Please note, this is included in the overall ISA limit of £20,000. A lifetime ISA can’t be used to increase your limit to £24,000.

    You can split your ISA allowance between a stocks and shares, cash, innovative finance and lifetime ISA as best suits your circumstances. The rule is that you mustn’t have more than the annual ISA allowance split between the different types of ISA. It's your responsibility to make sure you don’t exceed the annual ISA allowance.

    We don’t currently offer a lifetime, cash or an innovative finance ISA.

  • What is my annual ISA allowance?

    The maximum annual ISA allowance is £20,000 for the current tax year (2021/22).

Junior ISA

  • Why can’t I see my child’s JISA online?

    We don’t currently offer online access for Junior Individual Savings Accounts (JISAs).  

  • What's the maximum amount that can be paid into a Junior ISA?

    The maximum amount that can be paid into a Junior ISA for the current tax year is £9,000.

  • How do I switch to a new fund?

    Speak to your intermediary, if you have one, or contact us.

  • How do I transfer over an existing Junior ISA?

    If you have an intermediary, you should organise a transfer through them.

    Unfortunately, we don't currently offer the ability to transfer over an existing Junior ISA if you don’t have an intermediary. 

General Investment Account (GIA)

  • Why does every customer get a General Investment Account (GIA)?

    We may also set up a General Investment Account (GIA) as an option to allow you use the cash facility to pay any charges from, and invest into funds. There’s no charge for this until you decide to use it. Find out more in our Guide to paying your charges through our GIA and our Guide to GIAs.

  • What's the maximum amount I can pay in to a GIA?

    There is no restriction on what you can pay into a GIA.

  • How much tax will I pay?

    Unlike an ISA or pension, there are no tax benefits for investing in a GIA. You pay income tax on any income you receive from the GIA, and capital gains tax on any realised gain you make on your GIA.  The tax paid will depend on your personal tax situation, and may be subject to change in the future.

  • Why do I have a cash facility within my GIA?

    You have a cash facility within your GIA to enable us to take charges and make payments to you.

    If you have another product on the customer dashboard within the same service profile, for example an Individual Savings Account (ISA), you can elect to re-direct and pay your ongoing ISA charges from the cash facility within your GIA, rather than pay them from your tax efficient ISA product.

  • How do I transfer over an existing GIA?

    Our transfer guide will help you with this.

  • How do I switch to a new fund?

    Speak to your intermediary, if you have one, or sign in to your online account and choose the relevant product. Then, if you have access, select 'Switch funds' and follow the instructions.

    Switching funds will not affect the investment of any regular contributions you may be paying. To change the investment strategy of regular payments, please get in touch with 'Customer service' using the Help and Support drop down menu.

  • Can I manage regular withdrawals from my ISA or general investment account (GIA) online?

    Yes, go to the ISA or GIA product page, select ‘Manage regulars’ and follow the instructions on screen.

Investment fund information

  • Can I check the distribution type of a fund I'm invested in?

    Yes, on a product page, select ‘More options’ and then ‘Convert fund distribution type’.

    We don't provide advice or personal recommendations and you should be comfortable with the decisions you're making. If you're unsure, you should seek financial advice.

  • How can income be paid from my investments?

    Dividend payments and interest from your funds can be distributed to you as income or reinvested back into the fund itself.   

    We’ll ask you what you want us to do with any income generated if you choose one or more income funds.

    You have three options:

    1. Transfer income into your bank account so that it’s available for you to use day to day. Income will be paid on the 12th day of each month. Income below the minimum payment amount of £2.50 will be held in your cash account until the minimum is reached, then paid into your bank account on the next payment date.

    2. Hold income as cash within your Aegon account so that you can choose what you want to do with it from there. The cash facility associated with your account is designed as a short-term holding place for use when transferring savings from one fund to another, and for paying any charges. It isn’t designed for long-term saving and inflation is likely to exceed returns. Find out more about the cash facility

    3. Reinvest income back into the fund at the next valuation point, so that it helps to grow your savings over time. This option is more likely to be used by those who are investing for the long term and aren’t reliant on near-term income payments to supplement living costs.

    The income payment method you choose will apply to all funds held in that pension, ISA or GIA. However, you can set up different payment methods for each product you hold.

    Income generated may go down as well as up, in accordance with the dividend payments and/or interest received from the investments it holds.

     

  • What do fund charges include?

    Fund charges cover the cost of managing investments on an ongoing basis. They vary depending on the funds you choose and how they invest your money.

    Fund charges are in addition to any product of adviser charges and include a fixed management fee plus expenses that vary with the day to day costs of running the fund. 

    For UCITs regulated funds we show an ongoing charge figure (OCF), and for other fund types we show a total expense ratio (TER). Both include a fixed management fee plus expenses that vary with the day to day costs of running the fund. The OCF includes some one-off charges that aren't in the TER, but the two measures are otherwise very similar.

    You can find more information about fees and charges in the product's relevant charges guides, available on our website.

  • What are distribution types?

    Income generated from your funds, for example dividend payments or interest, can be reinvested for the future (accumulation type), or paid to you as income (income type).

    If you choose an accumulation fund the reinvested income will add to your investment, helping it to grow over time. 

    If you choose an income fund, you may receive regular payments from your fund, which could be used to supplement living costs or provide an income in retirement. Find out how income is paid

    Income generated from a fund may go down as well as up, in accordance with the dividend payments and/or interest received from the investments it holds.

  • What is Cash?

    Generally considered the least volatile of all the main investment types. This means its price doesn't tend to move much either up or down on a daily basis. The downside is that cash tends to have far less potential to grow than other investments and it can actually fall in value in real terms because of inflation. This is why it's most suited to investors as a shorter-term investment. Cash generally includes money, typically held in bank deposits, and other types of money market investments, which pay the investor regular interest.

  • What are Pending Trades?

    They're instructions that we're processing and haven't been finalised. For example, switching units between funds during a fund switch or waiting for money after a withdrawal request.

  • What if an investment fund is missing a factsheet?

    If you're looking for information about an investment fund and the factsheet is missing, please get in touch with us so we can help. To do this, select the Help and Support tab and choose Customer Services from the drop down menu.

  • What is Aegon Investment Limited’s (AIL) voting policy?

    Aegon Investments Limited (AIL) is an investment manager of Open Ended Investment Companies (OEICs). These OEICs are funds of funds, which means they invest only in other funds, also known as collective investment schemes.

    A voting right is the right of shareholders to vote on matters of corporate policy, for example the appointment of a board director or significant changes to a company’s operations. As we only manage funds of funds, we do not invest directly in securities e.g. equities or bonds. This means we can only exercise voting rights in relation to the underlying funds our OEICs invest in; we don’t have voting rights relating to the companies that the underlying funds are in turn invested in.

    Therefore, AIL’s voting policy has two distinct sections:

    1. Voting on a material change relating to an underlying fund we have invested in.
    2. Consideration of the voting policy of the fund manager of an underlying fund we have invested in or are considering investing in.

    For more information on each section, please read AIL’s voting policy

  • What is Aegon Investment Limited’s (AIL) commitment to the Financial Reporting Council’s UK Stewardship Code?

    The UK Stewardship Code is a set of principles that investment managers are expected to follow. The Code aims to enhance the quality of engagement between investors and companies with the aim of improving long-term risk-adjusted returns to shareholders.

    Aegon Investment Limited (AIL) - statement of compliance*

    AIL is the company that manages Aegon’s open-ended investment company (OEIC) fund ranges. AIL is pleased to endorse the principles of the Code. 

    In practice, as we manage fund of funds, we are not directly able to influence the companies held by the collective investment schemes we invest in. However, we consider the disclosures made by underlying fund managers to assess their commitment to the Financial Reporting Council’s UK Stewardship Code.

    Read more about the Code.

    This applies to all funds where AIL is appointed as investment manager.

    The value of investments can fall as well as rise and isn’t guaranteed. Investors may get back less than the amount invested.

    *This sets out the extent to which AIL complies with the Financial Reporting Council’s UK Stewardship Code.

Pensions

  • Can I take my pension benefits before I'm 55?

    The minimum statutory age that you can take your benefits is 55 (57 from 2028). However, in some cases, you may be able to take them before age 55 if you’re suffering from ill-health or serious ill-health, or have a protected pension age relating to benefits built up before 5 April 2006.

  • What should I consider before transferring other pension pots into a new pension plan?

    Transferring a pension may not be the best option for you. You may lose features, protections, guarantees or other benefits - so make sure you compare products before transferring. It’s up to you to decide if this is the right decision for you. If you’re not sure, speak to a financial adviser - there may be a charge for this. The types of valuable features and benefits you may lose might include:

    • protected tax-free cash
    • protected pension age
    • guarantees
    • waiver of contribution
    • life assurance benefits
    • any self-investment option

    You might incur higher charges so make sure that you’re satisfied any such charges are justified.

    Any trusts or expression of wish you’ve already set up won’t transfer over to a new Aegon Pension.

    There’s no guarantee that new investments you choose will perform better than investments under your current plan.

    If you're unsure whether this is right for you, please seek advice or guidance - there may be a charge for this.

  • How can I track down a lost pension?

    You can track down a lost pension by using the Government-backed pension tracing service.

  • What is the annual allowance?

    The annual allowance is the maximum amount of pension savings an individual can have each year that benefit from tax relief. In practice, an individual is subject to a tax charge (the annual allowance charge) where their pension savings exceed their available annual allowance for a tax year.

    There is nothing to stop an individual paying in more than their available annual allowance. An annual allowance charge would be payable on the excess and they would still be able to claim tax relief on all their personal and third party contributions up to the higher of 100% of an individual’s relevant UK earnings or £3,600 per annum. The annual allowance tax charge will probably cancel out most (if not all) tax relief if you exceed your annual allowance.

    The current annual allowance limit is £40,000.

    Unused annual allowance from the previous three tax years can be used in the current tax year once the current tax year's annual allowance has been used up. This is known as Carry Forward.

    The value of any tax relief depends on your individual circumstances. This information is based on our understanding of current, taxation law and HMRC practice, which may change.

     

  • What is the tapered annual allowance?

    Although the annual allowance remains at £40,000, since 6 April 2016 a tapered annual allowance has applied to higher earners. Individuals who have an adjusted income greater than £240,000 and whose threshold income is greater than £200,000 will see their annual allowance reduced. For every £2 of adjusted income over £240,000, their annual allowance will be reduced by £1, subject to a remaining annual allowance of not less than £4,000. In other words, anyone subject to the taper whose adjusted income is £312,000 and over will have an annual allowance of £4,000.

    Adjusted income includes:

    • Taxable income, pension income and interest on savings, most pension and savings interest income, plus any share, rental or trust income, less certain reliefs
    • The value of employer pension contributions
    • The amount of any excess tax relief on personal contributions to a net pay scheme
    • The amount of any employee pension contributions deducted from pay in relation to a net pay scheme
    • Certain relief claimed by non-domiciled individuals in relation to contributions to overseas pensions schemes, less the amount of certain lump sum death benefits.

    Threshold income includes:

    • Taxable income
    • Any salary sacrificed in return for pension contributions on or after 9 July 2015, less
    • The gross amount of any relief at source personal contributions and the amount of certain lump sum death benefits.

    This information is based on our understanding of current taxation law and HMRC practice, which may change. The value of any tax relief depends on your individual circumstances.

  • What is the money purchase annual allowance?

    If you've flexibly accessed your benefits, such as taken an uncrystallised funds pension lump sum (UFPLS) or taken income from a flexi-access drawdown fund, the Money Purchase Annual Allowance (MPAA) is the amount that can be paid in one year to your money purchase arrangements without a tax charge applying. For the current tax year, the MPAA is £4,000.

    If the MPAA provisions apply to you, and during the year more than £4,000 has been paid to your money purchase arrangements under all of your registered pension schemes, a tax charge:

    • will apply on the money purchase contributions above £4,000, and
    • may apply on the value of any savings made to defined benefit arrangements that are higher than £36,000 plus any carry forward you have available. 

    Special rules apply in the year that the reduced MPAA rules first apply to you. In that year, any money purchase contributions paid before the date the rules apply are treated as if they had been made to a defined benefit arrangement, and tested against the £36,000 plus carry forward limit. Any money purchase contributions paid after this date are subject to the MPAA of £4,000. Please speak to a financial adviser for more information.

  • What is the lifetime allowance?

    This is the maximum value of benefits you can take from all your registered pension schemes before you have to pay a lifetime allowance tax charge - unless you have enhanced protection.

    When you take your benefits, they’ll be tested against your available standard lifetime allowance or personal lifetime allowance (unless you have enhanced protection). If you go over this, a lifetime allowance tax charge will be payable on the excess - this is currently 55% for lump sums, and 25% for funds used to buy pension income (which is also taxed under the Pay As You Earn (PAYE) system).

    The standard lifetime allowance for the current tax year is £1,073,100.

    However, if you have applied for fund protection, you'll have a higher personal lifetime allowance. This is as follows:

    • £1.8 million if you have fixed protection 2012
    • £1.5 million if you have fixed protection 2014
    • £1.25 million if you have fixed protection 2016
    • The protected amount (more than £1.25 million and not more than £1.5 million) if you have individual protection 2014
    • The protected amount (more than £1 million and not more than £1.25 million) if you have individual protection 2016.

     

  • How will death benefits be taxed?

    There are a number of factors that determine how death benefits from pensions are taxed:

    If you die before taking benefits from your pension

    Your pension pot can be paid to your beneficiaries as: 

    Death before age 75

    Death after reaching age 75

    A tax-free lump sum (up to your available lifetime allowance with any excess subject to a 55% tax charge), or

    A taxable lump sum - taxed at their marginal rate of tax, or

    A tax-free income (if your pension plan offers it).

    A taxable income - taxed at their marginal rate.

    There will normally be no inheritance tax to pay.

     


     

    If you die after taking benefits from your pension

    The tax that applies after taking benefits from your pension depends on the benefit option you're receiving and your age when you die.

     

    Drawdown

    Your remaining drawdown fund can be paid to your beneficiaries as:

    Death before age 75

    Death after age 75

    A tax-free lump sum, or

    A taxable lump sum - taxed at their marginal rate of tax.

    A tax-free income

    A taxable income - taxed at their marginal rate.

    There will normally be no inheritance tax to pay.


     

    Annuity

    Your beneficiary can receive:

     

    Death before age 75

    Death after reaching age 75

    Joint-life annuity

    Ongoing annuity payments tax free.

    Ongoing annuity payments taxed at their marginal rate.

    Guaranteed term annuity

    Remaining annuity payments tax free.

    Remaining annuity payments taxed at their marginal rate.

    The income payments will normally stop when you die if you don’t buy a joint-life annuity or a guaranteed annuity.


     

    State Pension

    You can find details of what happens to your State Pension when you die at www.gov.uk/state-pension/inheritance

    Important

    This information is based on our understanding of current taxation law and HMRC practice, which may change.

    It’s important to review your own personal circumstances as exceptions to the above may apply in certain circumstances, and different plans and providers offer different product options.  Please speak to a financial adviser if you need further information. There may be a charge for this.

  • What rate of interest is payable on cash in my SIPP cash facility?

    The rate of interest is paid at 0.05% below the Bank of England base rate.

  • The Aegon Platform no longer provides services for the Portfolio Bond and for insured funds (funds which are maintained by ReAssure) in the Portfolio Plus Pension and SIPP. These products have been removed from the Aegon Platform. You can still manage any collective funds (investments that are available on the Aegon Platform that pool investors’ assets together) you hold on the Aegon Platform in your Portfolio Plus Pension and Portfolio Plus SIPP.

    The Portfolio Plus Pension and Portfolio Plus SIPP has transferred from Legal & General to ReAssure. You’ll notice we’ve updated the name of the product on the Aegon Platform to ReAssure Portfolio Plus SIPP.

  • How do I change the nominated fund to pay fees from my ReAssure Portfolio Plus SIPP?

    The fees will automatically pay from the largest fund in your SIPP, but this can be changed to one nominated fund by completing our Change to product details form.

    If you'd like the charges paid from more than one fund you'll need to speak to your financial adviser or contact us if you don't have one.

Payments

  • Why is there a small balance left on my account, how do I close my account?

    A small balance remaining after a full withdrawal or transfer may be due to income distributions that were due on your account.  If you have an adviser, they can request to withdraw residual balances for you. If you don’t have an adviser, please get in touch with us by phone to withdraw residual balances under £100.00. If your residual balance is over £1, this can be completed by signing in. 

  • Why have you asked me to provide a bank statement?

    For new payments or requests where bank details have changed, we may ask you to provide bank verification in the form of an original or certified copy of a bank statement so we can make sure that we’re making payment to the correct account. 

  • I have sent you a payment by cheque but you have not added it to my account

    Any payments will be added to your account within two working days. To make sure that we can do this please make sure that you complete an online Top Up journey as well as sending your cheque to us.

  • Where do I send cheque payments to?

    You can send us a cheque in the post. The details we require are as follows:

    Amount – The amount you wish to pay into your account.

    Payee – Cofunds Ltd.

    Reference - Please provide your plan number and surname on the back of the cheque so we can identify your account.

    Please send the cheque to - Aegon Cofunds Administration, Sunderland, SR43 4DN

    Once we receive your cheque and the funds clear, we'll credit your account.

  • How do I make a bank transfer payment?

    You can make payment by bank transfer using the details provided during the online journey. It can take up to five business days for your payment to reach us.

    Please contact us if you have any questions about where to send your payment.

  • My bank account isn't 8 digits - what do I do?

    You need to set up a bank account to open one of our products. This is usually an eight digit account number and six digit sort code. However, some banks and building societies have account numbers of different lengths – please use the following details to convert them into a different format, where necessary.

    Bank Instructions Change from Change to
    National Westminster Bank plc Use the last eight digits only. If there’s a hyphen in the account number between the second and third numbers this should be ignored 0123456789 or 01-23456789 23456789
    Co-operative Bank plc Use the first eight digits only 1234567890 12345678
    Alliance & Leicester
    Commercial Bank plc
    National Savings Bank
    National & Provincial Building Society
    Replace the last digit of the sorting code with the first digit of the account number, then use the last eight digits of the account number only nn-nn-nn 123456789 nn-nn-n1 23456789
    Nationwide Building Society Where a nine digit account number starts with a six, use the last eight digits of the account number only 612345678 12345678
    Other banks as appropriate Where a seven digit account number is used prefix the account number with a zero (0) 1234567 01234567
    Other banks as appropriate Where a six digit account number is used prefix the account number with two zeros (00) 123456 00123456
  • What is Aegon's Order Execution Policy?

    Our Order Execution Policy is available to be viewed and/or downloaded.

  • How can I add a provider to an approved list for debit card payments?

    Banks are introducing additional security measures for debit card payments. If you’re making a debit card payment, you may need to verify the transaction. The verification is likely to be a code sent by SMS text message or online banking that will need to be entered during the online transaction to authorise payment.

    Here’s some suggestions to try to minimise the chances of the bank asking for verification for specific providers:

    • Add the provider (Aegon in this case) to the ‘safe list’ or select ‘don’t ask me again on this device’ at the time of making the first payment.
    • You can add via your online banking account.
    • You can call your bank or building society and ask for the provider (Aegon in this case) to be marked as safe.

    There are exceptions to this such as the first time you submit a debit card payment from a device or location – how this is triggered is down to the each bank or building society’s rules, so it may vary.

    You may find the following links useful to see how the different banks and building societies are operating strong customer authentication.

Investor Portfolio Service (IPS) customers only - charges

  • What charge will I pay you for managing my Investor Portfolio Service (IPS) account?

    You’ll pay Aegon an annual charge for using the Aegon Platform. This charge covers the service and the administration involved in managing your IPS account.

    Annual charge

    The annual charge is tiered so it reduces as the value of the investments you hold in your account increases as follows:

    Value of your investments Annual charge
    Up to £10,000 0.70%
    Between £10,000 and £20,000 0.35%
    £20,000 and above 0.25%

    We may vary these charges in future.

  • How do you calculate the charge?

    We calculate it using the value of your relevant products under your IPS account on the last business day of the month.

    Here’s an example:

    If you had an Aegon ISA valued at £15,000 and an Aegon GIA valued at £7,500 on the last working day of the month then your charge would be calculated as follows:

    Value of your investments

    Value

    Annual charge

    Charge amount

    Up to £10,000

    £10,000

    0.7000%

    £  70.00

    Between £10,000 and £20,000

    £10,000

    0.3500%

    £  35.00

    £20,000 and above

    £  2,500

    0.2500%

    £    6.25

    Total

    £22,500

    0.4944%

    £111.25


    As you can see from above, the overall annual charge is calculated as £111.25 which is equivalent to 0.4944% of your total account value of £22,500.

    The charge we’d deduct for the month would therefore be £111.25 divided by 12 = £9.27

    As you have two products the £9.27 charge would be proportioned between the two products as follows:

    • Aegon ISA charge = £15,000 multiplied by 0.4944% = £6.18
    • Aegon GIA charge = £  7,500 multiplied by 0.4944% = £3.09
  • Where do you deduct the charge from?

    We’ll normally take the charge from any available cash you have in the cash facility of the product the charge was calculated on.

  • What if I don’t have enough cash in the cash facility of my product?

    We’ll use any available cash you hold, and then sell down any balance required from the largest available valued investment under your product.

    You can ask us to sell down from a specific investment by contacting us. We’d then only sell from the largest available valued investment if there wasn’t enough cash in the cash facility and your nominated investment to pay the charge.

  • What if I don’t want my Aegon ISA charges deducted from that product?

    If you don’t want charges to reduce the value of your Aegon ISA, you can request that those charges are directed to be taken from your Aegon GIA. If you choose for this option it’s your responsibility to ensure there’s sufficient cash and/or investments held in your Aegon GIA to cover any charges due. You can request this by contacting us. If we have to sell investments in your Aegon GIA you should be aware this might give rise to a liability to capital gains tax.

    If we’re unable to deduct a charge due on your Aegon ISA from your Aegon GIA because there isn’t enough available cash and/or investments to cover the charge, we’ll direct the charge back and deduct it from your Aegon ISA.

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