Nearly 900 customers stuck between Aegon and PensionBee

Some 864 customers are stuck transferring their pension from Aegon to PensionBee, according to a live ‘transfer tracker’ set up by PensionBee.

According to the tracker, assets under management caught up in the process total about £18m, and the average pot size is £21,000.

PensionBee told RP’s sister publication Professional Adviser the longest ongoing transfer time to move a pension from Aegon to PensionBee is 211 days – or around seven months. The transfer in question had a value of just £206.

So far, the longest transfer that has successfully completed is 176 days, or nearly six months.

PensionBee’s tracker will update each morning with new figures detailing the number of individuals caught up in the pension transfer process between the two firms.

On 27 January, PensionBee published an open letter to Aegon, claiming it typically takes the provider 54 days to complete a pension transfer. PensionBee’s tracker has now calculated the average time taken is 52 days.

PensionBee said Aegon’s transfer approach was “out of line with its peers”, such as Aviva, Legal & General, Prudential, Scottish Widows and Standard Life, which typically transfer electronically in 12 days or less.

PensionBee chief executive Romi Savova (pictured) said: “These figures demonstrate the scale of the issue we are dealing with – and it is an issue that is only set to keep growing.

“We do not believe it is right to ignore the impact on the consumer and hope to see some positive changes soon.”

Aegon has been contacted for comment.