Aegon Scottish Equitable Pension Fund Error
Published / Last Updated on 08/10/2009
Aegon Scottish Equitable Pension Fund Error
by Ashley Clark, Director
Aegon Scottish Equitable has finally ‘come clean’ and revealed a major problem with the calculations of fund values for a special ‘income drawdown’ retirement policy called “retirement control”.
The miscalculation has resulted in documents being issued to clients stating higher fund values because Aegon’s incorrect figures did not make allowance for a deduction of the tax free cash element.
We came across this problem around 6 months ago for a new client who already had a policy like this. Our clients funds were indeed 25% lower than he thought and he was just on the point of retiring, an absolute disaster as far as we were concerned. We have to say that Aegon Scottish Equitable were not helpful at all and indeed at some points were extremely rude to staff here.
The offered no compensation and had to be fought all the way by our team to even admit that they were wrong.
We are please that they are now ‘coming clean’ and are working with the regulator, the Financial Services Authority, the deal fairly with clients.
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