Marvin OnumonuAegon has added new features to its retirement platforms to help advisers and clients avoid foreseeable harm.
The changes are now live on Aegon Retirement Choices (ARC) and One Retirement platforms.
Advisers can now use cash ringfencing during the switch journey, making it easier to manage withdrawals and ensuring payments are handled in a straightforward way.
The cash ringfencing feature lets users set aside money from the sale of investments to cover self-invested personal pension (SIPP) tax-free cash, regular income from self-invested personal pension (SIPP) drawdown, general investment account (GIA) or individual savings account (ISA), and platform, advice or discretionary fund manager (DFM) fees.
This aims to support the Consumer Duty principle and make sure transactions are more reliable.
Aegon has also launched a pension income reliability feature.
This means clients will still get their regular drawdown income even if investment sales have not settled yet.
Stephen Crosbie, managing director – adviser platform at Aegon, said: “Following our Strategy Teach-In in June 2024, we remain committed to enhancing the core functionality of our platform and delivering an exceptional experience.
“We understand the importance of receiving payments on time. That’s why we’ve developed these improved measures to protect payments of regular income and drawdown, which ultimately help avoid foreseeable harm.
“By removing barriers, we are facilitating a smoother interaction with our platform and helping advisers to provide optimal service to their clients.”
Crosbie added: “These enhancements are just the beginning. We’re dedicated to excellence and are working hard to ensure our platform works hand in hand with the needs of advisers.
“Watch out for more updates, there’s plenty ahead as we continue on our transformation journey.”
