Is an Aegon pension any good? That turns on which Aegon plan you hold: a workplace scheme, Retiready or the adviser-opened SIPP, each with its own charges and rules.
No single answer covers every Aegon pension, because Aegon runs several different plans. Free, impartial guidance on your options comes from Pension Wise, part of MoneyHelper. Where Aegon holds only one of your pots, an FCA-authorised adviser can set all of them side by side, and this page's short form brings a call-back at no charge.
Aegon pensions side by side
| Plan | How you get it | Charge Aegon points to |
|---|---|---|
| Workplace (TargetPlan, Aegon Retirement Choices, Aegon Master Trust) | Your employer chooses it | A charge set for each scheme, in Aegon's scheme charges document |
| Retiready Pension | Closed to new customers (withdrawn from 1/12/2023) | Service charge of up to 0.5% a year, plus a charge for each fund held |
| Aegon SIPP, on the Aegon Platform | Opened by an adviser | Annual charge, fund charges and any adviser fee, shown in your illustration |
The table follows Aegon's website and documents as they stood on 26 October 2026. What each plan is and how the log-in numbers differ are set out in what an Aegon pension is; the full cost breakdown is in Aegon pension charges.
Is a workplace Aegon pension something you can choose?
Usually not. Aegon's page for members says: "As an existing member, your employer has chosen us to provide your workplace pension." What you do control is how the money is invested. For TargetPlan, Aegon describes three routes (Do it for me, Guide me and Leave it with me) and says you can change your choice at any time. It adds that the standard default is Aegon LifePath, though your employer may have picked a different fund.
Aegon's scheme-specific charges page links a document setting out the charges for every default fund in its workplace schemes, so that document is where to find the default fund in your scheme. How workplace saving is set up by law is covered in auto-enrolment and workplace pension rules.
The Aegon SIPP: a plan reached through an adviser
The Aegon Platform key information document (accurate as at April 2026) sets conditions. You must be 16 or over, a relevant UK individual and "habitually resident in the UK", and the document says you cannot apply if you are a US citizen or US taxpayer. It adds that "An adviser can open an Aegon SIPP on your behalf", so this is not a plan you can start for yourself directly. An Aegon SIPP can only be held in one name.
Aegon says it does not "assess or advise on the suitability or appropriateness of your investments"; that falls to your adviser, or to you if you have none. It also recommends using an adviser for decisions about the SIPP. Applying opens an Aegon General Investment Account automatically, unless you already hold a suitable one, and Aegon says there are no charges on it while it holds no investments or cash.
Aegon's SIPP document does not cover Retiready, Aegon Retirement Choices or One Retirement, so holders of those need their own plan papers. A SIPP is explained generally in what a SIPP is.
Retiready: what existing holders have
Aegon's Retiready page says the benefits shown are for existing holders only because "The option to take out a Retiready Pension was withdrawn with effect from 1/12/2023." Those holders can pay in one-off or monthly, and transfer in other registered pension pots with, Aegon says, no transfer fees. It lists a choice of five funds, each with its own investment charge on the fund factsheet.
Aegon lists the usual access age as 55, rising to 57 on 6 April 2028, and says you can usually take 25% of the pot as a tax-free cash sum. Whether those terms suit a particular Retiready pot is worth raising with an adviser; an enquiry through this page's short form means that talk costs nothing.
Aegon pension reviews, and the committee that checks value
A review score reflects how customers found the service at one moment, and says little about whether a plan's charges or funds suit your pot.
For workplace plans there is a more formal check. Aegon's own page about its Independent Governance Committee says the committee was set up in April 2015, "acts independently to assess the ongoing value for money" for workplace and Investment Pathway customers, and makes recommendations to Aegon UK's board. That description is Aegon's; the committee's own findings are in its reports, the tenth published in September 2026, which can be downloaded from the same page. How the funds have done is in Aegon pension performance; remember that values can fall as well as rise and you may get back less than you paid in, and past performance is no guide to the future.
Aegon against Aviva: what each firm publishes
Aviva's own SIPP page says you can start an Aviva SIPP from £25 a month and sets the Aviva Charge at 0.35% a year on the first £500,000 you invest with it, with no charge on investments above £500,000. Aegon's key information document says an adviser opens its SIPP and lists an annual charge, investment charges and any adviser fee, pointing you to your illustration and its SIPP charges guide for the amounts. Neither set of figures shows which plan suits a given pot. Aviva's other plans are covered in Aviva pension reviews, and Aegon and Standard Life pensions compared covers the firm buying Aegon UK: Aegon Group has announced that sale, and Aegon's website says "There will be no immediate change - it is business as usual and you do not need to do anything."
Moving pots into or out of Aegon: its own warnings
Aegon's own wording on its Retiready page is that "Transferring a pension may not be the best option for you. You may lose features, protections, guarantees or other benefits". For the SIPP, it adds that a higher return is not guaranteed and that transfers in must come from pension savings you have not started drawing. How to transfer a pension lists each step. With several old pots, a free ring from an adviser, arranged with this page's short form, can weigh them against one another before anything moves.
Aegon pension: eligibility, protection and income queries
Is my Aegon SIPP protected if Aegon fails?
Aegon says you "may be able to seek compensation from the Financial Services Compensation Scheme" if it cannot meet its obligations. The example Aegon gives is it becoming insolvent or unable to meet the claims against it. Aegon says overseas funds are unlikely to be covered.
Does moving old pots into Aegon cost anything?
For Retiready, Aegon says pots transferred in carry no transfer fees. For the SIPP, the key information document points you to your illustration and charges guide for the charges that apply to you.
Can an Aegon SIPP pay a drawdown income or an annuity?
Aegon's key information document describes a SIPP with a pension savings part and a flexi-access drawdown part that pays your income, and warns that money in drawdown may have little time to recover from losses. The platform sells no annuity itself, so one would be bought from a provider you choose; pension annuities and best annuity rates explain that step.
Why would anyone put several pensions in one Aegon account?
Aegon's SIPP document says one account can make it easier to follow investment performance and brings a single consolidated statement, and warns that you may lose benefits your current scheme offers.