Aegon pension charges depend on the plan: a Retiready service charge of up to 0.5% a year, or a scheme-specific charge at work, plus fund charges.
No single Aegon pension fee applies to everyone. Anyone close to taking a pension can first try Pension Wise, which Aegon itself describes as "a free and impartial government service". Pensions held with other firms as well? Add them to the free form on this page, and one FCA-authorised adviser will look at the whole set on a single call.
Start with how you joined Aegon
Aegon sets charges differently for each route in. A pension through an employer is usually run in one of Aegon's workplace "service areas": Aegon Retirement Choices (ARC), TargetPlan, or Aegon and Scottish Equitable Pensions and Bonds. A pension you opened yourself is most likely a Retiready Pension, which Aegon says was "withdrawn with effect from 1/12/2023" for new customers. A pension bought through an adviser may sit on the Aegon Platform. What the plan is and how it works are covered in what an Aegon pension is; the types of charge in general are in pension charges and fees.
Whichever you hold, Aegon's costs and charges explanation says "Your total charge is your Aegon charge plus your fund charges", and that "You need to add the individual charges of all your funds to your Aegon charge to calculate your total charge."
Workplace pensions: the Aegon charge is set scheme by scheme
Aegon states that "Your Aegon charge is unique to you and your scheme", priced on the number of members, how long members are expected to save, the average contribution level, and whether members are likely to transfer money in. So there is no headline rate to quote. What it publishes instead is an illustration for each service area, labelled "illustrative purposes only":
| Service area and fund | Aegon charge | Fund charges (AMC + expenses) | Transaction costs | Total shown |
|---|---|---|---|---|
| ARC, Aegon Workplace Default | 0.29% platform charge | 0.04% + 0.02% | 0.07% | 0.42% |
| ARC, Aegon Fundsmith Equity | 0.29% platform charge | 0.10% + 0.05% | 0.01% | 0.45% |
| TargetPlan GPP, Aegon Lifepath Flexi (Default) | none shown separately | 0.26% + 0.00% | 0.07% | 0.33% |
| TargetPlan GPP, Aegon Schroders Global Emerging Markets (BLK) | none shown separately | 1.19% + 0.20% | 0.25% | 1.64% |
| Aegon and Scottish Equitable, Universal Lifestyle Collection | 0.72% product charge | included in product charge + 0.03% | 0.06% | 0.81% |
| Aegon and Scottish Equitable, Aegon Fundsmith Equity | 0.72% product charge | 0.99% + 0.05% | 0.01% | 1.77% |
These are examples, not offers. Transaction costs are based on the period 1 January to 31 December 2025. Aegon describes the ARC platform charge as an administration charge for investing through ARC, and an Aegon and Scottish Equitable statement may label the product charge the "Annual Management Charge", which is a different thing from a fund's own annual management charge. That statement "will not include transaction costs unless explicitly stated otherwise".
Our working, on an assumed £30,000 held for a year at unchanged rates: Aegon's two ARC totals of 0.42% and 0.45% come to £126 and £135, a £9 gap. Your own scheme will differ.
A table from Aegon's IGC Annual Report 2025, of "active Workplace schemes on different Aegon charge bands", counts 9,817 schemes: 243 under 0.25%, 3,224 from 0.25% to 0.50%, and 6,350 from 0.51% to 0.75%. There is also a scheme-by-scheme charges document: a list of scheme ID numbers, each with a figure in a column headed "Scheme price %", running from 0.00 to 0.75 in the PDF created on 23 September 2026. Your employer or Aegon can say which ID is yours.
Retiready: a tiered service charge plus fund charges
Retiready is Aegon's service for individuals, and the FAQ page (updated 23 January 2025) sets the monthly service charge in tiers: "0.5% a year of your first £50,000", "0.4% a year of your next £50,000" and "0.3% a year for anything above £100,000". The product page puts it as a maximum of 0.5% a year, depending on the value of your fund. For workplace customers, or anyone recently moved across from an Aegon pension, the charge "may be different", and the illustration in your online document library shows what applies.
How the bands are used matters. In the FAQ's own example, a customer with £94,500 in funds plus some cash has £101,500 in total, which sets the rate at 0.3%; that rate is then "calculated and applied" to the £94,500 invested, giving £283.50. So the band is set by the total, including cash, and charged on the invested value only. Your illustration confirms how it works on your account.
Fund charges are separate. As at June 2026, Retiready Solutions Pension 2 to 5 carry an investment charge of 0.36% a year and Retiready Stability 0.85% a year, both open only to existing investors. The investment charge "is taken directly from the fund price" rather than from the cash facility.
Our working, assuming the same £94,500 is all in a 0.36% fund and values and rates stay the same for a year: the investment charge is £340.20, so with Aegon's £283.50 service charge the total is £623.70 a year, before any other charge that may apply.
The Aegon Platform and drawdown
Where a pension is held through an adviser on the Aegon Platform, the SIPP key information document (accurate "as at April 2026") names three main charges: an annual charge for administering the account, an investment charge, and adviser charges if you have an adviser. It adds "If we're told that you no longer have an adviser, the charges will change." Aegon's platform page lists a "Drawdown charge (SIPP only)" among ongoing charges that can be redirected to a General Investment Account, and the key information document points to its Charges guide for the full details of what may apply. How a SIPP works is in the SIPP guide.
Before drawing an income from a workplace or Retiready plan, ask Aegon whether any drawdown charge applies; your illustration says what applies now. Drawdown itself is explained in the drawdown guide, and providers are set side by side in drawdown providers compared. The value of investments can fall as well as rise, and you may get back less than was paid in.
Where the legal 0.75% limit comes in
Aegon's workplace charge bands stop at 0.75%, the same figure the law sets for the default fund of an automatic enrolment scheme. That cap is written in two places. Regulation 6 of SI 2015/879 caps a single percentage charge on a trust-based (occupational) scheme's default arrangement at 0.75% of the member's rights each year. For a workplace personal pension, COBS 19.6.6R in the FCA Handbook sets the same 0.75% where the only charge is a percentage of the member's pot. Both also set separate limits for combination charge structures. Whether your Aegon plan is trust-based or a workplace personal pension is something your employer or Aegon can tell you; what the cap covers and leaves out is in pension charges and fees, and the enrolment duties in auto-enrolment explained.
What to check on your own paperwork
Aegon says the annual personal statement is where "the charges that apply to your plan" appear, and Retiready account holders can use the Charges filter under Money in/out. Four checks follow from the documents:
- Which service area. ARC, TargetPlan, Aegon and Scottish Equitable, Retiready or Platform each label the main charge differently.
- The Aegon charge. Platform charge, product charge, service charge or annual charge: find the percentage and whether it has tiers.
- Each fund's charges. Aegon's formula for total fund costs is the fund annual management charge, plus annual additional expenses, plus transaction costs.
- Whether the statement figure includes transaction costs. Some do not.
Armed with those numbers, an FCA-authorised adviser can set them beside your other pensions. There is no charge for using the form on this page. Moving a pension has its own costs and trade-offs, covered in pension transfer fees.
Aegon pension charges: questions people ask
Is the "Annual Management Charge" on my Aegon statement the fund charge?
Not always. For funds, Aegon defines the AMC as a yearly charge "calculated and deducted on a daily basis from the fund". On an Aegon and Scottish Equitable statement the product charge is labelled "Annual Management Charge", and it can include the fund's AMC.
Can I still open a Retiready Pension?
Aegon's page says the option to take one out was withdrawn with effect from 1/12/2023, and that its benefits apply to existing holders.
What does Aegon charge for pension drawdown?
On the Aegon Platform, a "Drawdown charge (SIPP only)" is one of the ongoing charges listed, with the full details in the Platform Charges guide. For workplace and Retiready plans, your illustration and Aegon are the places to ask. See how drawdown works.
Does cash in a Retiready account pay the service charge?
In Aegon's example, cash counts towards the total that sets the band but is left out of the value the charge is applied to. The investment charge comes out of the fund price rather than the cash facility.
Where do I find my Aegon fund charges?
Aegon publishes a costs and charges page for workplace funds, and says fund charges are the same whichever service area you are in. Factsheets for insured pension funds outside ARC and Aegon One Retirement quote a total that includes a standard product charge of 1%. Performance is a different question, covered in Aegon pension performance.
Your next step
Aegon's documents show how its charges are built. How they sit within the rest of your retirement planning belongs in a talk with an FCA-authorised adviser, which you can request on the form on this page.
Sources, read 19 October 2026: Aegon, Costs and charges explained; Scheme specific charges and its PDF (created 23 September 2026); ARC and Aegon and Scottish Equitable costs and charges FAQs; Retiready Pension page; Retiready service charge (23 January 2025), investment charge (30 June 2026) and charges FAQs; Annual Review of Expenses 2026 ARC and AOR funds (29 June 2026); Aegon Platform key information document (April 2026); SI 2015/879 regulation 6; FCA Handbook COBS 19.6. Aegon's figures can change.