Aegon conquered by UK bank holiday IT upgrade: Some users can't log on

Life insurance and pensions biz admits they're working on it

Some customers of life insurance, pensions and asset management biz Aegon have been unable to log into their accounts following an IT upgrade over the bank holiday weekend.

The firm acquired rival Cofunds in January 2017 for £140m. Between 5 to 7 May it completed the planned technology upgrade of 400,000 Cofund customers and a transfer of £37bn in assets.

The Aegon platform is intended to enable users to administer investment and pension products with the help of a financial adviser, having ditched Cofunds' separate branding last year.

Aegon admitted to a login issue for a number of customers. One user got in touch to say they were unable to upgrade accounts yesterday.

"After that all that happens is the upgrade screen reports technical issues. Aegon have now added a dedicated phone line for upgrade issues, however the line is continually engaged," he said.

Our tipster was not alone.

A spokesman at Aegon said:

"In an exceptionally busy week for our upgraded platform, 11,200 users have now activated their accounts and customers are trading on the service. All our checks show that the migration and reconciliation of customer records to the Aegon Platform has worked as planned."

He added that the large number of customers yet to activate their accounts were using long-term savings products like pensions. Those accounts are only accessed every few months, hence they have not so far attempted to log in.

"We are aware that some customers are struggling to activate their account and this is leading to high levels of demand on our contact centre as people call in for support.

"We planned for high levels of demand but are continuing to add extra telephone lines, extend opening hours and automate parts of the process to bring down waiting times. We'd ask that customers bear with us and we aim to resolve any access problems quickly." ®

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