Aegon to reduce scheme charges from end of August

Aegon will reduce charges to the auto-enrolment charge cap for new business written from August 31, 2014.

The provider says it will not bring its prices down before then as it wants to avoid unsettling the significant number of its clients staging in the current peak.

Only schemes going through their initial assessment of the auto-enrolment population after 31 August 2014 will be put on these new terms.

Aegon managing director, workplace solutions Angela Seymour-Jackson says: “Now we have clarity on the level of the price cap and other charge restrictions, we want to work with employers and their advisers to plan ahead, drive value for customers and continuing to make a success of auto-enrolment. We’ll be carrying out a comprehensive review of our existing pension schemes in the coming weeks, and can reassure employers and advisers, that we’ll work with them to transition to DWP compliant terms.”