Prospects complained to the Monetary Ombudsman after lacking out on funding progress and being unable to contribute to their pension financial savings.
Aegon has been ordered to pay clients 1000’s of kilos in compensation (Picture: Getty)
UK savers have been left 1000’s of kilos quick after an IT error by a serious pension supplier. Prospects of Scottish Equitable, which trades below Aegon, have been reportedly left with gaping holes of their retirement pots after a failed IT system improve. The problem, which started in August 2024, has not but been resolved for all clients within the intervening 17 months, The Telegraph experiences.
One buyer informed the Monetary Ombudsman that he had missed out on £1,000 in funding progress because of the error, and {that a} one-off contribution of £12,000 hadn’t been utilized to his pension. Aegon was ordered to pay £2,200 in compensation to 5 clients in instances linked to office pensions during the last six months, following a string of complaints that have been upheld.
The problem hasn’t been resolved for all clients 17 months after the IT error (Picture: Getty)
One other saver, named as Mr A, informed the Ombudsman of delays in finding contributions to his pension plan within the months following the IT improve.
4 months’ price of contributions remained lacking when he contacted the patron complaints service final January, in line with experiences, and he additionally claimed {that a} cost of £12,000 had not been utilized to his pension.
Aegon had situated the “lacking” funds by December 2025 and provided to hold out a loss evaluation in addition to handing him £350 in compensation.
A buyer named as Mr B additionally obtained £400 in compensation after complaining that he had been unable to contribute to his pension for over a 12 months after the improve, whereas one other who additionally could not entry their account was handed £1,000.
Pensions skilled Tom McPhail stated tech errors inflicting points for savers aren’t unusual, however the size of time for which the Aegon drawback has endured is uncommon.
“With these sorts of issues, the earlier you head it off, the higher and the much less painful it’s for everyone concerned,” he informed The Telegraph.
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Aegon stated solely a minority of shoppers have been impacted by the problem in the long run, and that devoted buyer help groups are in place.
A spokesperson for Aegon UK stated: “In August 2024, we carried out a deliberate programs improve affecting some clients with older merchandise not marketed. Whereas most clients expertise no disruption or solely quick‑time period points, a minority expertise longer‑lasting impacts, and we’re sorry for the inconvenience this causes.
“The place delays have occurred, contributions are held securely and utilized as soon as processing is accomplished, and no financial savings are misplaced. Devoted groups are in place to help affected clients, and remediation is being utilized the place acceptable to make sure nobody is deprived.”
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