Aegon introduces pension price benefits initiative for family members

Aegon has introduced ‘Family price match’, allowing workplace pension members to share pricing benefits with up to five family members or friends.

By using a code from the Aegon UK app, family and friends can open an Aegon stocks and shares ISA at the same service charge rate as the workplace pension saver.

Those opening a new Aegon stocks and shares ISA could save money over time. 

For example, if the family price is 0.25% less than elsewhere, a £20,000 ISA investment could be worth an extra £294 after five years or £720 after 10 years. 

With a 0.50% difference, the investment could grow by an extra £591 after five years or £1,455 after 10 years.

Nick Roy, commercial director of workplace at Aegon, said: “Aegon’s Family price match is an offering to our members and their loved ones, making saving more cost-effective.

“This means five family or friends can enjoy the same service charge, when they purchase a stocks and shares ISA, that is available to members of an Aegon workplace pension scheme.”

Roy added: “This initiative exemplifies the great power of Workplace pensions to offer competitive charges and aims to extend these benefits on a wider scale.