Aegon has announced that it will introduce new pension tracing and consolidation services for its master trust clients, describing this as a "significant milestone" in its ongoing collaboration with The Pension Lab.

The group confirmed that its integration with The Pensions Lab has enabled it to enhance its member insights platform for master trust clients, delivering a more connected and efficient pension consolidation experience for both members and employers.

The updated service provides digital pension tracing and consolidation across Aegon’s workplace propositions, with real-time employer insights through enhanced dashboards and campaign tracking tools.

In addition, it is expected to deliver faster and simpler journeys for Aegon Master Trust members through automation and intuitive pension transfer features.

Aegon head of master trust, Antonia Balaam, explained that the changes were made in response to client feedback, revealing that "at our master trust employer events, the most frequent question we hear from members is: ‘How do I consolidate my pensions?’"

"That’s why we’re focused on making the process as straightforward as possible," she explained.

“Member Insights has proven to be a valuable tool for employers running engagement campaigns, and our collaboration with The Pension Lab now gives savers including master trust members—at no extra cost—the ability to trace and consolidate old pensions where it’s safe and beneficial to do so," Balaam continued.

“By combining Member Insights with The Pension Lab’s trace and compare feature, we’re giving members greater control over their long-term financial wellbeing.

"Members are finding lost pensions—40 per cent in real time and 75 per cent within two days—and consolidating them with ease.

“For employers, this means they can proactively support their workforce with one of their most common financial concerns. It’s a smarter, more transparent way to manage workplace pensions.”

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