Aegon has launched a new digital service that enables workplace members, particularly those without an adviser, to find and compare old pension pots.

The service, an extension of its partnership with The Pension Lab, allows members to retrieve and view details on their old pensions, which are colour-coded as red, amber, or green (RAG).

It includes information relating to any valuable features that may be present and a comparison of the fees charged by different pensions.

This information can then be used by members to decide whether they should transfer their pension.

Pensions are ranked as green if they have no additional key or valuable features and where charges after transferring into their Aegon pension will be lower.

Meanwhile, pensions with guarantees, like defined benefit (DB) pensions, are classed as red.

After a "successful" pilot stage, members have been offered to go through a digital transfer process, rather than the previous paper-based process, which is expected to save members time and money.

The average time of transfer was just over 2 minutes and 25 per cent of members who went through the bulk transfer process have explored adding further pensions via The Pension Lab tool.

Aegon said that the finding and comparing old pots service will be rolled out to existing schemes later this year.

The provider noted that this means that individuals do not have to wait until Pension Dashboards are opened to the public, which is not expected before later in 2026.

Aegon also confirmed that the collaboration with The Pension Lab will be extended to cover all Aegon workplace platform products.

Commenting on the launch, Aegon client and partnership development director, Nick Roy, said: “The Pension Lab collaboration is a great development for Aegon – it gives our members, at no additional cost, the opportunity to find and add old pension pots where it’s safe and makes sense to do so.

“We are excited to be working with a business that excels in cutting-edge innovation. It is a great fit to complement Aegon’s commitment to enhancing our members’ experience.”

Roy added that the speed, sense and ease of The Pension Lab service make Aegon’s proposition “even more attractive”.

“Aegon is focused on making pension savers experience easier and better. We are rolling out digitalisation and automation, and this partnership enhances our retirement proposition by further personalising the member experience,” he stated.

Adding to this, The Pension Lab CEO and founder, Scott Phillips, said that through its collaboration with Aegon, it has delivered another industry first with the provision of a fully digital non-advised pension transfer solution, which included pension finding, detailed feature checking, and a bespoke charge comparison.

Phillips explained: “By integrating our unique technology, Aegon continues to deliver a seamless, fully digital experience that empowers members to engage with all their pensions and make informed decisions while encouraging professional advice where needed most.

“Our collaboration is a testament to our shared vision that, with the right technology, we can build a better financial future for individuals.”

---