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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?

    Unfortunately, at this time, you can't change your email address online. To change your email 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 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.

  • I can’t find my activation code - how do I get a new one?

    Please contact us  so we can help.

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

    We'll need an original death certificate and the planholder’s account number and your contact details so we can discuss it with you. Please send the details to Customer Services, Aegon, Edinburgh Park, Edinburgh, EH12 9SE.

  • Why do you need my current National Insurance number?

    Your National Insurance number is required for customer verification. It also ensures, if you’re in receipt of pension withdrawal benefits from us, that your National Insurance contributions and tax are recorded against your name only.

  • 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 your adviser.

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

    We accept:

    • doctors / dentists;
    • ministers of religion;
    • teachers;
    • social workers;
    • credit union employees;
    • Post Office official (through the post office’s certification service);
    • accountants;
    • bank / building society employees;
    • barristers / solicitors / paralegals;
    • councillors;
    • financial advisers;
    • 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.

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 also enable us to remain in contact regardless of your employment status. 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.

  • How do I access my account?

    To access your investments on your customer 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 investment details are kept secure. You only need to activate your account once.

    For new customers

    If you've recently purchased an Aegon product and haven't completed your account activation, please check your personal inbox for an activation email from Aegon.

    For previous Cofunds customers

    1. If your intermediary 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 in to your intermediary’s site on the customer dashboard.

    2. If you signed in directly at cofunds.co.uk then please go to customerdashboard.aegon.co.uk or you can go to cofunds.co.uk 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 in to your intermediary’s site on the customer 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.

     

  • 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?

    You can reset/change your password by following the option on your ‘Sign in’ page. Any other security details can't be changed online at present, instead, 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 password?

    If you want to change your password, please sign out of your account and go back to the Sign in page. You will see a prompt 'Need help signing in?'. Select this link, and then follow the option for 'Forgotten or need to reset password?'.

    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 believe or know that the security of your account username and/or password has been compromised, you must contact us and your intermediary (if you have one) immediately.
    You should also change your account password as soon as possible. Sign out of your account and select the link to 'Need help signing in?' then choose the 'Forgotten your password or want to reset it?' link. Follow the instructions to change your password.

  • I've forgotten my password, what do I do?

    Don't worry. Simply select "Need help with signing in?" then select "Forgotten your password or want to reset it?" and follow the instructions.

  • 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, simply select "Need help with signing in?" then select "Forgotten which email address you used?"and follow the instructions.

  • 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 does Aegon (Scottish Equitable plc and Cofunds Limited) hold accounts with?

    We use multiple banks to hold customer 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

Contact us

  • 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?

    Customer Services, Aegon, Edinburgh Park, Edinburgh, EH12 9SE

  • How do I make a complaint?

    We hope you never have cause to complain, but if you do, please contact us by any of the methods below:

    Email: CustomerExperienceComplaints@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.

    Write to: Complaints Department, Aegon Cofunds Administration

    PO Box 17491
    Edinburgh
    EH12 1PB

    Telephone: 0345 604 4001

    Please include your plan number. You can find this on your customer dashboard.

    Our complaints procedure will give you more information.

Stocks and shares 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.

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

    The maximum amount (also known as the ISA allowance) for the 2017/18 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 responsiblity to make sure you don’t exceed the annual ISA allowance.

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

  • 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.

    The tax efficiency of ISAs is based on current rules. The current tax situation may not be maintained. The benefit of the tax treatment depends on individual circumstances.

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

    Switching fund 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 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 as 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?

    Please contact us or your intermediary, if you have one, if you want to close your ISA.

    To contact us, sign in and select the 'Help and Support' tab and choose 'Customer services' from the drop down menu.

  • 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?

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

    For regular payments simply sign in to your account to view your investments. Select 'View and manage' for the account you wish to make a payment to. Select 'ISA regular payments' from the 'More options' drop down box. Follow the instructions to make regular payments by Direct Debit.

  • 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 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%. The current rate is 0.75% (i.e. Base rate of 0.5% - 0.05%). For more information on my cash facility please read our Guide to ISA

Junior ISA

  • 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 2018/19 tax year is £4,260.

  • 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 fund 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.

  • 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 to pay any charges from and invest in. 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.

  • 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 fund 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.

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

    The rate of interest is paid at the Bank of England base rate less 0.05%. The current rate is 0.75% (i.e. Base rate of 0.5% - 0.05%). For more information on my cash facility please read our Guide to GIA.

Investment fund information

  • 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.

    However, if your fund is with another product provider (for example, Legal & General), you’ll have to contact them directly for more information.

Pensions

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

    The minimum statutory age that you can take your benefits is 55. However, in some rare instances, 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.

    For more information, speak to your intermediary if you have one, or you can visit PensionWise.

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

    There are a number of things to consider before you transfer other pension pots into a new pension plan.

    You might lose valuable features and other benefits like:

    • 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.

  • 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, from 6 April 2016 a tapered annual allowance applies to higher earners. Individuals who have an adjusted income greater than £150,000 and whose threshold income is greater than £110,000 will see their annual allowance reduced. For every £2 of adjusted income over £150,000, their annual allowance will be reduced by £1, subject to a remaining annual allowance of not less than £10,000. In other words, anyone subject to the taper whose adjusted income is £210,000 and over will have an annual allowance of £10,000.

    If you're subject to the money purchase annual allowance (MPAA) rules because you’ve flexibly accessed benefits under a money purchase arrangement since 6 April 2015 (or had a flexible drawdown plan at any time before 6 April 2015), the amount that can be paid by or for you into money purchase arrangements without incurring a tax charge will be restricted to the MPAA, even where the tapered annual allowance also applies to you. 

    With effect from 6 April 2017 the MPAA limit was reduced from £10,000 to £4,000. If you think you're affected by these limits please speak to an intermediary.

    Adjusted income includes:

    ·         taxable income, which includes employment income, 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 relief on personal contributions to a net pay scheme;

    ·         the amount of any 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  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, 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 2018/2019 tax year, the MPAA will be £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. 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 tax year 2018/2019 is £1,030.000.

    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; and

    ·         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 gov.uk/state-pension/further-information

    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.

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

    The rate of interest is paid at the Bank of England base rate less 0.05%. The current rate is 0.75% (i.e. Base rate of 0.5% - 0.05%).

Payments

  • 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 Lochside Clearing Client Account.

    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, PO Box 17491, Edinburgh, EH12 1PB.

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

  • How do I make a bank transfer payment?

    You can send the funds via your bank.

    Please ensure you read the full information below, as there are different payment details depending on your circumstances:

     

    If you're an IPS customer, using investorportfolioservice.aegon.co.uk, please use the following:

    Cofunds Ltd Lochside Clearing Client Account 

    Sort code – 400250

    Account number – 01423762

    Reference - Please provide your plan number and surname so we can identify your account.

     

    If you're using the customerdashboard.aegon.co.uk (Cofunds customers) please use the following:

    Cofunds Ltd Clearing Client Account 

    Sort code - 400250

    Account number – 01423614

    Reference - Please provide your plan number and surname so we can identify your account.

     

    It can take up to five business days for your payment to reach us. When the payment is received, we can finalise your purchase/top up and your account will be credited.

    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.

    A summary of this document is also available.

  • What do all the different transaction types mean?

    Read our Definitions of common transactions to find out more about the different transactions you may see on your dashboard.

IPS 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.

Not found what you're looking for?

Get in contact with us

Customer services

Customer Services

Get in touch by phone

We take great pride in helping our customers achieve a lifetime of financial security

0345 604 4001

Phone lines open:
Monday-Friday 8.30am-6.00pm
Saturday closed
Sunday closed

Charges may apply, check your provider's tariff guide.

000 000 0000

 000 000 0000

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Written communications

You can write to us at Aegon, Edinburgh Park, Edinburgh EH12 9SE.

You can email us at enquires@aegon.co.uk

Submit a complaint

Happy to answer any non-sensitive data related questions on our social connections

You can email us at complaints@aegon.co.uk

Aegon Assist - Free expert guidance

A team of trained specialists, who have years of experience in financial services.

  • General guidance to help you make your own decisions and our expertise in Aegon products. We don’t cover all of the market and any products we discuss will be restricted to those offered by Aegon and our affiliated products.
  • Help to understand the options available to you when saving for retirement.
  • Discuss your options and the flexibility to help you take your retirement benefits, from age 55.

 

About Aegon

Aegon is an international provider of life insurance, pensions and asset management. With over £607 billion assets under management, we have businesses in over 25 countries around the world and around two million customers in the UK alone*.

We’re proud to have been helping people take responsibility for their financial future since 1831.

At Aegon it’s our mission to help the UK achieve a lifetime of financial security.  We’ve led the way in innovation that can make people’s financial assets work smarter as well as harder. From online technology that gives one-stop access to a universe of investment opportunity – to retirement products that make wealth planning simple, easy and fulfilling – we’re dedicated to getting people closer to their financial goals every day.

On 1 January 2017 Cofunds and IPS, the UK’s largest investment administration service, became part of Aegon. Cofunds administers £77.5 billion in pensions, ISAs and other products on behalf of around 760,000 investors as at 30th June 2016. By combining the scale and experience of Cofunds and IPS, with the innovation, financial strength and product knowhow of Aegon, we aim to provide even better support for your adviser or intermediary to manage your financial planning.

Work has already begun to create a financial planning platform with a wider investment choice and the very best in online functionality, that’s simple, powerful and intuitive to use.

History of Aegon UK

Founded in Edinburgh, and still headquartered here, we’ve been serving the UK for over 180 years. During that time we’ve evolved our brand, while staying steadfastly committed to our original purpose; helping people take responsibility for their financial future in order to achieve a lifestyle of financial security.

Aegon facts & figures*

  • Global savings and investment provider serving 30 million customers in over 20 countries
  • Founded in 1831 as Scottish Equitable and became part of Aegon in 1994
  • Over 29,000 employees, with over 2,000 based in the UK.
  • Manages over £607 billion in assets on behalf of savers and investors worldwide
  • Lead partner of British tennis since 2009

*Asset value is correct at 30 June 2016, all other information is correct at 11 August 2016.

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